Argentina is moving to regulate its rapidly growing cryptocurrency sector with a new law aimed at addressing money laundering and other risks.
The country has seen significant crypto activity, with $85.4 billion in transactions over the past year, driven by high inflation and a weak currency.
The recent fiscal package includes tax amnesty for individuals who disclose up to $100,000 in assets, including crypto. This measure is expected to help Argentina comply with the Financial Action Task Force’s (FATF) requirements and avoid being placed on its grey list, which could impact foreign investment and economic stability.
Roberto Silva of the National Securities Commission indicated that this initiative is the first step in regulating crypto, with future rules possibly aligning with those in the U.S.
Additionally, Lemon Cash, a major crypto exchange in Argentina, has updated its platform to allow users to voluntarily report their assets.
Recent efforts by the Argentine government include a crackdown on crypto-related crimes, resulting in multiple arrests and raids. Officials are scheduled to meet with the FATF in October to discuss Argentina’s progress in combating financial crimes.
Former senior officials from the U.S. Securities and Exchange Commission (SEC) are preparing to testify at a congressional hearing scrutinizing the agency’s approach to regulating cryptocurrencies.
The DLT Science Foundation (DSF) introduced the MiCA Crypto Alliance on September 16, with Hedera, Ripple, and the Aptos Foundation joining as key partners.
Circle, the company behind the USDC stablecoin, is optimistic about the mainstream adoption of stablecoins as a key component of digital finance.
Tennessee Congressman John Rose has introduced a significant piece of legislation called the “BRIDGE Digital Assets Act,” aimed at reshaping the U.S. regulatory framework for cryptocurrencies.