ARGENTINA Trends and Developments Contributed by: Maria Victoria Funes, Luciano Zanutto, Camila G. Lima and Tomas Celerier, Bomchil
when that user intends to register with a new provider (whereby the new provider can request validation and information from the already linked provider). Currently, 63% of fintechs in the country have already implemented certain open finance traits and APIs in their processes. Such is the impact of APIs on the financial eco - system that the BCRA itself made available, from April 2024, a series of APIs to access and share information on “debtors’ registry” , “report- ed checks” , “exchange market statistics” , and “monetary statistics” , with plans to implement additional APIs in the future. However, the implementation of open finance can also entail various risks for consumers, par - ticularly regarding the management and pro - tection of complex data. Mismanagement of such complex data could result in cybersecu - rity threats and data breaches. In order to deter those risks, clear guidelines and standards for the protection of personal and nonpersonal data should be established. For open finance to reach its full potential, information should be share - able, and for this to happen, certain conditions must be met: (i) consent from the data owner; or (ii) the creation of a legal obligation requiring data providers to share this information (compli - ance with such a legal obligation would serve as an exception, allowing the omission of prior con - sent); and (iii) a legitimate interest on the part of both the transferor and transferee in processing this information, ensuring that it does not result in consumer harm but rather provides a benefit. For the system to function efficiently, the dec - laration of legitimate interest would need to be established generally through legislation. In this respect, the Agency for Access to Public Information had been working on a legislative project on personal data protection. In June
2023, a draft bill proposed changes to Argen - tina’s personal data protection and privacy regulated principally by Law No 25,326, but no progress has been made. Argentine regulations require that anyone processing personal data must obtain prior, express, informed, and written consent from the data subjects, which implies a challenge for the implementation of an open finance regime. Currently, in Argentina, there is no single, com - prehensive regulation on open finance – nor has one been promoted. Instead, the main driving force has been initiatives within the financial ecosystem that encourage collaboration among stakeholders. The BCRA’s Debtors’ Registry is a crucial source of information, as it provides a consolidated report on both current and histori - cal debts (covering the past 24 months based on data provided by credit-granting entities). Simi - larly, the BCRA’s “Transparency Regime” plays a significant role by offering consumers essen - tial information to make more efficient financial product contracting decisions. Crypto-Assets The economic challenges in Argentina, including high inflation, currency devaluation, and strict foreign exchange controls, have driven many Argentine people to turn to crypto-assets, par - ticularly stablecoins, as an alternative store of value. While there is no single regulatory framework for crypto-assets, various public agencies, such as the UIF, the National Securities Commission (the CNV, for its Spanish acronym) and the Argentine Revenue Service, have issued regulations on the sector. Consequently, there are no explicit pro - hibitions on holding, purchasing, exchanging, or offering custody services for crypto-assets.
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