- Argentina’s Financial Information Unit (FIU) carried out its first-ever oversight of a cryptocurrency exchange as part of the 2024 Annual Supervisory Plan.
- The inspection aims to enforce anti-money laundering measures and integrate virtual asset services into the national regulatory framework.
Argentina has taken a significant regulatory step forward with its Financial Information Unit (FIU) conducting its first official oversight of a cryptocurrency exchange. This development comes as part of the “Annual Supervisory Plan 2024,” which includes targeted supervision of financial entities handling virtual assets. Although the FIU has not disclosed the name of the inspected exchange, it is known that the platform operates out of Rosario, a city located in the province of Santa Fe.
The inspection underscores Argentina’s growing focus on the regulation of virtual assets, specifically cryptocurrencies like Bitcoin (BTC). In collaboration with the National Securities Commission (CNV), the FIU is striving to bring cryptocurrency exchanges under closer scrutiny to ensure compliance with local laws. The regulatory effort aligns with Resolution 49/2024, a legal framework aimed at identifying and mitigating risks related to money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
The FIU clarified that this supervisory action is part of a broader effort to enforce updated national and international regulations in the cryptocurrency sector. One such guideline is the implementation of FATF (Financial Action Task Force) Recommendation 15, which obliges virtual asset service providers to register with the CNV and report financial activities that may be suspicious. FATF is an intergovernmental organization that sets global standards for combating financial crimes, and its recommendations are followed by countries around the world.
Through these measures, Argentina aims to strengthen its federal presence in the cryptocurrency space, ensuring that exchanges and other virtual asset service providers adhere to legal requirements designed to curb financial crime. The FIU is actively integrating new sectors like cryptocurrency into its oversight purview to promote transparency and accountability. The establishment of this registry is crucial to maintaining operational integrity and preventing the misuse of digital assets for illicit activities.
This regulatory move follows growing concerns in Argentina regarding fraudulent activities tied to cryptocurrencies. In recent months, reports have emerged highlighting cryptocurrency platforms operating without the required CNV registration, some of which are allegedly involved in scams. The FIU’s oversight of a Rosario-based exchange is therefore a timely intervention, representing a concerted effort to safeguard the emerging cryptocurrency market from criminal exploitation.
By launching this supervision, Argentina joins a global trend of increasing regulatory oversight in the cryptocurrency industry. This action highlights the country’s intent to ensure that operations involving virtual assets meet stringent anti-money laundering (AML) and financial crime prevention standards. For the FIU and CNV, this is just the beginning of a more comprehensive approach to regulating cryptocurrency and safeguarding the interests of consumers in this rapidly evolving financial landscape.
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