During the meeting with the highest authorities of the CNV, The civil association raised the need to preserve a healthy ecosystem to guarantee the right of access to self-custody and financial sovereignty, added to the preference for transparent and supervised self-regulation mechanisms on the activity of Virtual Asset Service Providers (PSAV).
Thus, the NGO Bitcoin Argentina expressed its concern and raised the proposals related to the projects to regulate the activity of the PSAVs to the president of the CNV, Roberto Silva, to his Vice President, Patricia Boedo and the manager and deputy manager of the sector, María Laura Viggiano and Victoria Donato respectively.
According to the words of the president of the NGO, Ricardo Mihurain dialogue with Ambit“there is a very good predisposition on the part of the CNV authorities to listen to the proposals of the national crypto ecosystem”, despite the fact that they recognize that what is being asked of the CNV “it’s hard”.
Bitcoin Argentina: what the sector is asking for
Mihura maintains that what is being asked of the CNV is from every point of view “necessary.” The expert shares with this medium that he asked the regulatory body to change its logic and tradition of regulating from the top down, ““to tell market agents how things should be done, to do it the other way around”that is, “that PSAVs compete based on the rules that they establish and make public to serve their clients better and more safely.”
“And that the CNV limits itself to supervising that these self-imposed rules are honest and that they are effectively complied with,” says the expert, who adds that this change in regulatory logic is necessary in this market because ““The CNV cannot pretend to know or restrict the complexity or the future economic and technological evolution of the cryptoeconomy.” Mihura maintains that in fact the European authorities have proposed a similar dynamic in their already current MiCA regulation.
Another very difficult point that the industry asks of the CNV is that it not condemn small crypto operators to illegality. This, although they recognize, is complicated, because it means that the regulator acts with independent judgment regarding the FATF recommendations, adapting them to the reality of the Argentine market and society.
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“It is something that we have also previously complained to the FIU. We do not see any social utility in prohibiting small operators, simply because it is impossible for them to have compliance procedures and structures that only make sense for the prevention and fight against organized crime. , international terrorism, etc. And not to complicate their lives or to control the tax payments of, for example, thousands of freelancers who get paid in crypto and settle P2P for their expenses,” Mihura slides.
However, the president of the NGO has faith that “a libertarian-oriented government is in a position to understand the value that they have.”
Silva of the CNV, for his part, highlighted the new responsibility granted by law to the regulatory entity by having entrusted it with the creation of the PSAV Registry and the regulation of its activity, with the protection of users as the main objective and the adaptation to the FATF directives as a framework. Also, he highlighted the large influx of providers who came to register in the newly opened registry.
Foreign exchanges
At the meeting, they referred to some of the conditions that individually determine for foreign exchanges the obligation to register in the country, and recommended the convenience of verifying compliance with the combination of two or more of the facts revealing activity in the country.
“If by the mere fact of advertising in Argentina a project becomes a mandatory PSAV, we are left without the possibility of bringing the most advanced industry in the world to the country, so that they can share their proposals and sponsor events such as Decentralize. , with which the NGO reaches thousands of people every year, in different cities in the interior,” express Rodolfo Andragnesfounder and director of the NGO.
“Individuals who limit themselves to operating P2P with crypto settlement in PSAV and pesos in a financial institution could also be excluded from registration, since there are regulated entities and KYC at both ends, so it is a useless cost to burden them with administrative obligations that are difficult to fulfill on a small scale”, concluded Manuel Ponce Penalvaalso a member of the NGO’s Board of Directors.
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