Fintech 2025

ARGENTINA Law and Practice Contributed by: Santiago J. Mora, Nicolas Garfunkel, Milagros Caneda and May Steward, GPG Advisory Partners

As mentioned in 2.2 Regulatory Regime and 4.4 Syndication of Fiat Currency Loans , only equity crowdfunding and crowdlending have been expressly regulated. The remaining crowd - funding business models fall within the scope of the general provisions of the CCC, among other regulations. With respect to crypto-asset exchanges, see 6.3 Impact of the Emergence of Cryptocurrency Exchanges. 6.2 Regulation of Different Asset Classes See 6.1 Permissible Trading Platforms , 6.3 Impact of the Emergence of Cryptocurrency Exchanges and 10.3. Classification of Block - chain Assets . 6.3 Impact of the Emergence of Cryptocurrency Exchanges As stated in 1.1. Evolution of the Fintech Market and 2.2. Regulatory Regime , PSAV businesses were regulated by the pre-existing general rules of the CCC, the CPL, the PDPL and the DSL, among others. In 2024, the regulation of these businesses underwent a series of changes, among other things, through the enactment of Law No 27,739 that modified the AMLL, defined the concepts of AV and PSAV, designated the PSAVs as obli - gated entities before the UIF, and created a PSAV Registry under the CNV. In this context, the CNV and UIF issued Resolutions No 994/24 and 49/24, respectively, to regulate the provi - sions of Law No 27,739. The figure of cryptocurrency exchange falls under the definition of PSAV, as PSAVs are considered to be “those natural or legal persons who, as a business, carry out one or more of the following activities: (…) (i) exchange between virtual assets

In addition, in 2023 and 2024, the BCRA rein - forced the interoperability of QR codes by extending them to credit cards. 5.2 Regulation of Cross-Border Payments and Remittances Argentina has a series of exchange control regu - lations aimed at restricting the outflow of foreign currency. In this sense, and broadly speaking, specific requirements are applicable to the inflow of funds, and the remittance of funds outside the country may, depending on each particular case, be restricted or subject to the prior authorisation of the BCRA. As a regulatory novelty, at the end of 2023, the UIF issued Resolution No 1/2023, incorporating the Risk-Based Approach (RBA) into the moni - toring of activities carried out by individuals or legal entities managing fund remittances, both within and outside the national territory. This approach requires remittance operators to iden - tify, assess, and understand the risks associated with their activities, with the objective of adopt - ing effective measures to manage, mitigate, and prevent crimes related to money laundering and terrorist financing. 6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms In addition to the traditional exchanges and markets regulated by the CML and the CNV resolutions, there are emerging crowdfunding businesses, such as crowdfunding platforms connecting borrowers with lenders, and a sig - nificant number of crypto-asset exchanges.

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