ARGENTINA Trends and Developments Contributed by: Maria Victoria Funes, Luciano Zanutto, Camila G. Lima and Tomas Celerier, Bomchil
However, Argentina’s regulatory landscape appears to be adapting to this trend, with Decree No 640/2024 marking the initial step. This decree mandates the tokenisation of deposit certificates and warrants. This innovation enhances and/or increases the liquidity of certain assets perceived as “illiquid” such as commodities – by facilitat - ing their transactions and reducing operational costs. Thus, the primary goal of this deregula - tion is to promote credit in the private sector by enabling the use of these instruments for a wide range of products, expanding their application beyond traditional agricultural use to industries such as mining, energy, and others. Following its 2023 study about the tokenisation of real assets, the Argentine Fintech Chamber has proposed the creation of a multi-agency reg - ulatory sandbox, involving the CNV, the UIF, and the BCRA. These entities will play a crucial role in both deregulating the rules that limit tokenisation development and co-regulating with ecosystem participants through a collaborative rule-making process. This work is a call to take advantage of a unique opportunity for the development and growth of new business models. On the other hand, security tokens, which serve as or represent tradable securities, may fall under the classification of securities according to Argentine regulations. Consequently, they could require prior authorisation from the CNV before issuance in case of a public offering. Par - ticipation in a public offering of securities without the necessary approval from the CNV exposes individuals to administrative penalties. In September 2024, the CNV introduced new regulations allowing “private offerings” of mar- ketable securities without prior authorisation. In this context, the CNV adopted “safe harbour” approach, providing legal certainty to securi -
ties issuances that may be classified as private offerings. This regulation presents an interesting opportunity for the issuance and development of security tokens. Considering the substantial risks involved in the issuance and promotion of tokens in Argentina, it is crucial to create a tailored regulatory frame - work that properly addresses the distinct advan - tages and challenges of tokenisation. Anti-money laundering reform Since 2014, reporting entities in Argentina have been required to submit monthly reports to the UIF detailing all transactions involving digital currencies, along with the corresponding risk profile for each transaction. In 2024, the UIF recognised VASPs registered with the CNV as reporting parties subject to legal anti-money laundering obligations. The UIF has introduced a risk-based framework that requires these entities to implement policies, procedures, and controls to identify, assess, monitor, man - age, and mitigate the risks they face. Moreover, on 19 December 2024, the UIF set forth minimum requirements for risk prevention in anti-money laundering applicable to issuers of cards, operators and providers of payment and/ or collection services, and non-financial credit providers. Conclusion As we move into 2025, Argentina’s fintech sec - tor stands at the forefront of digital transforma - tion, continuing to shape the financial landscape in technology and regulation. With the growing adoption of digital payments, interoperability of QR codes, digital tips and the expansion of electronic transactions in public transporta -
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