Sebastian Negri | Forbes
Sebastián Negri, President of the National Securities Commission of Crypto recently issued a press release stating Buenos Aires is hoping to secure an IMF financial bailout package this year.
"Argentina would be evaluated on its regulatory system and the effectiveness of regulations in the near future," Sebastián Negri, President of the National Securities Commission of Crypto said.
According to a press release issued on June 28, The Financial Action Task Force, a global organization that monitors money laundering and terrorism funding, has stated that it wants to implement the crypto laws set forward by Argentina's top financial regulator. Sebastián Negri, the president of the National Securities Commission, made the remarks, which were published by the news source Criptonoticias. The adoption of anti-money laundering mechanisms for crypto (virtual asset) service providers, or VASPs, has been the primary emphasis of the FATF guidelines up to this point. The rules contain the infamous travel rule. VASPs are required by this protocol to exchange beneficiary and originator data.
The CNV leader continued by stating that an Argentine "crypto law" would probably not be required. And he added that any future money laundering legislation might include provisions for all new crypto-related legislation. President Negri said that the CNV was in discussions with the Fintech Chamber of Argentina, a group made up of local cryptocurrency exchanges. The CNV will probably attempt to establish a register system for VASPs, who must submit operating permission applications—another crucial FATF condition.
According to experts, the government's desire to secure the IMF package may have served as the driving force behind the action. Argentina's inflation rates have risen steadily this year, which has caused many people to abandon the fiat peso in favor of tokens like USDT and Bitcoin (BTC). The attempt by Argentinian banks to restrict foreign currency purchases has contributed to the acceleration of the popularity of cryptocurrencies. Bitcoin values versus the Argentine peso reached an all-time high in April of this year. Raja Kumar, the head of the FATF, urged the G7 last month to halt the "lawless spaces" in the financial sector and better regulate cryptocurrencies.
Argentina's aspirations for an IMF financial bailout package have prompted a focus on implementing robust crypto regulations in Buenos Aires. President Negri's statements reflect the country's commitment to comply with FATF guidelines and enhance transparency and security within the crypto space.
