ARGENTINA Law and Practice Contributed by: Santiago J. Mora, Nicolas Garfunkel, Milagros Caneda and May Steward, GPG Advisory Partners
standards will apply (please see 2.2 Regulatory Regime and 2.11 Implications of Additional, Non-Financial Services Regulations ). 10.7 Crypto-Related Lending The provision of lending services relating to cryptocurrencies has no specific regulation in Argentina. In this context, it can be understood that the general rules of the regime applicable to PNFCs apply. See 2.2 Regulatory Regime and 4.1 Differences in the Business or Regulation of Fiat Currency Loans Provided to Different Entities . 10.8 Cryptocurrency Derivatives There is no specific regulation yet in Argentina regarding cryptocurrency derivatives. In this context, pre-existing rules and generic stand - ards will apply (see 2.2 Regulatory Regime and 2.11 Implications of Additional, Non-Financial Services Regulations ). 10.9 Decentralised Finance (DeFi) Currently, there is no specific regulation for DeFi. In this context, pre-existing rules and generic standards will apply (see 2.2 Regulatory Regime and 2.11 Implications of Additional, Non-Finan - In 2023, Banco Industrial ( “BIND” ) launched the first investment fund that includes investments in digital assets alongside instruments regulated by the CNV. The investment portfolio includes Bitcoin futures, and Argentine Depositary Certifi - cates of Foreign Shares in tech companies and in fixed income assets. 10.11Virtual Currencies Under Argentina’s Law No 27,739, virtual cur - rencies are broadly encompassed within the category of “virtual assets” . cial Services Regulations ). 10.10Regulation of Funds
posal that clearly aims to foster the development of blockchain-related projects. 10.3 Classification of Blockchain Assets Although Law No 27,739 introduced a defini - tion of AVs, its primary focus is on establish - ing the regulatory framework for PSAVs. As a result, while the law provides some clarity on the concept of AVs, there is still no comprehensive regulation specifically governing crypto-assets. In this context, pre-existing rules and generic standards will apply (see 2.2 Regulatory Regime and 2.11 Implications of Additional, Non-Finan - cial Services Regulations ), and the regulatory treatment of crypto-assets in Argentina will depend on their nature, with some being consid - ered marketable securities and therefore subject to the provisions of the CML. This interpretation was provided by a communication posted on the In Argentina there is no specific regulation appli - cable to issuers of blockchain assets. Although, as mentioned in 10.3 Classification of Block - chain Assets , where crypto-assets are security tokens that could be assimilated into marketable securities, the issuance of such assets would fall under the provisions of the CML. 10.5 Regulation of Blockchain Asset Trading Platforms See 6.3 Impact of the Emergence of Cryptocur- rency Exchanges and 6.6 Rise of Peer-to-Peer Trading Platforms . 10.6 Staking The provision of staking services relating to cryptocurrencies is not yet regulated in Argenti - na. In this context, pre-existing rules and generic CNV’s website in December 2017. 10.4 Regulation of “Issuers” of Blockchain Assets
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