ARGENTINA Law and Practice Contributed by: Santiago J. Mora, Nicolas Garfunkel, Milagros Caneda and May Steward, GPG Advisory Partners
10.12 NFTs NFTs have not yet been subject to specific regula - tion in Argentina. In this context, pre-existing rules and generic standards will apply (see 2.2 Regulatory Regime , 2.11 Implications of Additional, Non-Finan- cial Services Regulations and 10.3 Classification of Under Argentina’s Law No 27,739, stablecoins qualify as AVs. However, there is currently no specific regula - tion for stablecoins. In this context, pre-existing regu - lations and general regulatory standards apply (see 2.2 Regulatory Regime ). For instance, as they fall within the general definition of AVs, stablecoins are subject to the regulatory regime applicable to PSAVs when they are offered, held in custody, or intermedi - ated in Argentina by these. Blockchain Assets ). 10.13 Stablecoins As mentioned in 5.1 Payment Processors’ Use of Payment Rails , during 2022 the BCRA began to regu - late PSIs along with “pull” transfers, empowering PSIs and PSPCPs to initiate payments. Draft legislation on personal data protection exists (which, to a certain extent, replicates the EU’s Gen - eral Data Protection Regulation). This draft legislation incorporates the right to personal data portability, thereby allowing for the consolidation of open bank - ing. However, little progress has been made towards enacting this legislation. 11. Open Banking 11.1 Regulation of Open Banking In recent years, both the BCRA and the UIF have incorporated some provisions allowing banks to share their clients’ information at their request within the framework of digital onboarding processes. However, these rules have not yet been fully implemented and adopted in practice by the industry, and the absence of sufficient regulations prevents open banking’s full deployment. In practice, some fintech providers have implemented platforms that allow clients to access all their bank
account information in different entities through indi - vidual agreements with the different entities involved. Finally, in 2025, Decree No 353/2025 was enacted, creating the Open Finance system. The system allows individuals and legal entities to share information with financial institutions registered before the BCRA. In this context, specific regulations to be issued by the BCRA are expected during the first months of 2026 (see 1.1 Evolution of the Fintech Market ). 11.2 Concerns Raised by Open Banking There is general agreement that this process could expose clients’ personal data due to the increase in information flow. It is in this context that a full open banking exercise will require that the protection of personal data be strengthened and reviewed. Also, market players are concerned about compensation models, cybersecurity measures and how liability would be allocated among the different parties in the event of a breach. The elements of fraud in the context of financial ser - vices and fintech are similar to those applicable to traditional financial institutions. The main law govern - ing and punishing perpetrators of crimes related to fraud is the Criminal Code of Argentina (the “Criminal Code”), which applies to the entire country. Fraud can also give rise to civil liability for the involved compa - nies. Fraud and scams are punished by law. Cyber - fraud was incorporated into the Criminal Code in 2008. Cyberfraud punishes the crime of altering an online system with the purpose of defrauding some - one. Fraud involves deception that causes financial loss to the victim. 12.2 Areas of Regulatory Focus 12. Fraud 12.1 Elements of Fraud In recent years, in relation to the payment vertical, the BCRA has issued cybersecurity regulations, provid - ing for requirements applicable to the onboarding of users, etc (see 2.11 Implications of Additional, Non- Financial Services Regulations ). In turn, the CNV has included similar provisions in Resolutions No 1058, 1069, 1081 and 1087 applicable to PSAVs (see 1.1
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