The Argentine market regulator has introduced a mandatory register for crypto service providers.
The new Registry of Virtual Asset Service Providers (PSAV) of the Comisión Nacional de Valores (CNV) requires crypto companies such as exchanges to enter specific information on the regulator’s website in order to operate in the country.
CNV President Roberto E. Silva says they have timed the rollout of a new registry with a visit from the Financial Action Task Force (FATF), an intergovernmental agency that develops anti-money laundering standards and takes measures to combat the financing of terrorism to prevent.
“We have been working against the clock to promote compliance with Law No. 25,246, which reforms the national regulatory system for the prevention of money laundering and terrorist financing, and today present the creation of the PSAV Register before the end of the FATF’s visit to the country and taking into account its recommendation in this regard.”
Argentines have reportedly been buying up Bitcoin (BTC) to protect themselves from currency devaluation.
Bloomberg reports that Argentina-based crypto exchange Lemon is seeing a big increase in Bitcoin purchases as the South American country faces one of the highest inflation rates in the world. Other major exchanges in Argentina, such as Ripio and Belo, have also witnessed a similar trend.
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