VASP Regulation in Argentina

Regulation of the cryptocurrency market is constantly becoming stricter. Nowadays jurisdictions impose high regulatory and risk management requirements on virtual asset service providers.

Despite this, we always manage to find a solution that suits the client. All the time our team provides research of the market and regulations on various markets to find the best jurisdiction. Recently we have made the global overview of the VASP regulation in the Latam Countries and are ready to share information with our future and existing clients. Today we will look at the features of obtaining a cryptocurrency license in Argentina.

The law regulating the activities of VASPs

Act N° 25.246

VASP regulator

Comisión Navional de Valores – Securities National Commission “CNV”

Activities included in VASP services

1. Exchange between virtual assets and legal tender currencies (fiat currencies).

2. Exchange between one or more forms of virtual assets.

3. Transfer of virtual assets.

4. Custody and/or administration of virtual assets or instruments that allow control over them.

5. Participation and provision of financial services related to the offer of an issuer and/or sale of a virtual asset.

VASP registration procedure for a local company and Authorization of VASP from another state to provide services in the jurisdiction

I. Individuals

1. Name and surname, type, document number that proves identity, and simple copy of the identity document.

2. Nationality, date, and place of birth.

3. Marital status.

4. CUIT, CUIL, Identification Key (CDI) or the identification key that is created in the future by the Federal Administration of Public Revenues (AFIP), or the equivalent tax identification key for people residing abroad granted in the country of residence or constitution, if none of the above is available. A simple copy of the corresponding certificate must be attached.

5. Actual address and address where the activity is carried out (street, number, town, province, country, and postal code), in the country or abroad, as appropriate.

6. Telephone number, in the country or abroad, as appropriate.

7. Established email address, declared valid for notifications by Commission.

8. Main work or professional activity.

9. Website and/or username, through which you operate on social networks or other media.

10. Identify the activities carried out in article 4 bis of Law No. 25.246 and its amendments.

II. Legal entities

1. Name or company name.

2. CUIT, CDI, or identification key that is created in the future by the AFIP, or the equivalent tax identification key for people residing abroad granted in the country of residence or incorporation, if you do not have any of the previous. A simple copy of the corresponding certificate must be attached.

3. A simple copy of the constitutive instrument or current corporate statute with proof of its registration in the Public Registry corresponding to its jurisdiction.

4. Identification of the legal representative or attorney-in-fact, accompanying a simple copy of the corresponding certificate.

5. Legal address and address where the activity is carried out (street, number, town, province, country, and postal code), in the country or abroad, as appropriate.

6. Telephone number in the country or abroad, as applicable.

7. Established email address, declared valid for notifications by Commission.

8. Website of the legal entity and/or username through which it operates on social networks or other media.

9. Main activity carried out.

10. Identify the activities carried out in article 4 bis of Law No. 25.246 and its amendments.

Requirements to the VASP after registration (corporate maintenance, reporting, substance)

The Unidad de Investigación Financiera – Office of Financial Investigations “UIF” is the supervisory authority entitled to request VASPs reports of operations to control the necessary compliance with the anti-money laundering and counter-financing of terrorism.

Liability provided for the activities of a VASP without local registration

Criminal and civil liability for carrying out operations that may involve raising public funds, if applicable.

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Manimama Law Firm provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.

The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.