Fintech 2025

ARGENTINA Trends and Developments Contributed by: Maria Victoria Funes, Luciano Zanutto, Camila G. Lima and Tomas Celerier, Bomchil

complaints. VASPs must also disclose on their websites and social media the risks associated with virtual assets, clarifying that they are not covered by the Argentine Capital Markets Law, unless they qualify as negotiable securities. VASPs may only offer their clients virtual assets containing the general information in the “White Paper” and/or informative pieces with relevant information on the issuer and the project, which must be published on their website and/or mobile application, and must be easily acces - sible and available at all times in the national language or in English. In addition, VASPs will have to maintain a clear separation between the funds coming from or applied to operations of their clients and the funds coming from or applied to operations on their own account. Furthermore, VASPs must submit monthly and annual reports to CNV, maintain compliance officers, implement security policies, and follow detailed procedures for handling transactions. Capital contributions in virtual assets The Public Registry of Commerce of the City of Buenos Aires introduced the possibility of mak - ing digital asset contributions to companies, subject to specific conditions. These conditions include: • precise identification of the digital assets in the incorporation document; proof of owner - ship by the contributing partner; • digital assets must be deposited in a platform or virtual wallet of a registered VASP in Argen - tina, with the commitment to transfer them to the company’s wallet once it obtains its tax identification number;

• valuation of the assets must be supported by an accounting certification or a PSAV quota - tion; and • a declaration from the VASP confirming that the digital assets are subject to enforcement. Futures contracts tied to Bitcoin In April 2024, Matba Rofex (the Argentine exchange where financial and agricultural futures and options are traded) concluded the initial phase for futures contracts based on the Bitcoin Matba Rofex Index. This development followed the CNV’s approval of the regulation, which had previously allowed trading of derivatives tied to Bitcoin and settled in Argentine pesos, without the need for physical delivery of the underly - ing asset. As a result, starting on 22 April 2024, these Bitcoin-based futures contracts will be available for trading by any investor, removing the initial “qualified investor” requirement set during the launch phase. The Matba Rofex Bitcoin Index aggregates Bit - coin price data from multiple providers, facilitat - ing the trading of the BTC/ARS pair and enabling Argentine pesos transfers. Providers must hold a valid contract with a PSP registered with the BCRA. This regulatory evolution allows quali - fied investors, as well as the broader public, to access Bitcoin price variations through regulated derivative products, contributing to the growth of the local fintech ecosystem. Tokenisation One of the most talked-about topics in techno - logical innovation is the so-called tokenisation of illiquid real-world assets. Tokens are digital rep - resentations of physical or digital objects. There were two legislative projects aimed at regulat - ing tokenisation that recently lost parliamentary status.

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