Argentina Introduces New Law to Regulate Cryptocurrency Market

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.

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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.

Kosta Gushterov