Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments – Argentina’s securities regulator, the National Securities Commission, is reportedly considering steps to speed up the introduction of new fintech and crypto-based financial instruments to the market.
The organization recently developed an innovation hub that will connect private investors with regulators in order to share information on the requirements that these goods must achieve in order to be put to market.
The CNV’s president, Andres Consentino, is confident about the initiative’s future. He explained:
“We are taking strong steps to partner with the industry and build a legislative and regulatory framework in this area, given the expansion of crypto assets and fintech.”
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The number of bitcoin scams that have occurred in the country since cryptocurrency adoption surged is one of the key worries behind this new hub and one of the motivations for its development.
Consentino expressed the following on the subject:
“This project also aims to strengthen the framework for protecting investors from common occurrences of severely unpleasant events.”
In Argentina, this innovation hub might usher in a new era of controlled crypto-linked investment products. According to Andres Ponte, president of Matba Rofex, an investment brokerage firm, these products will be released in the near future.
According to local sources, the regulation of cryptocurrency investments in the country has two goals. One is the protection of investors wanting to engage in cryptocurrency markets through the introduction of regulated products. Another benefit that these goods may provide to the national tax agency is that they cannot be hidden from the AFIP, due to their nature.
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With the regulated instruments in place, the ability to collect taxes on these cryptocurrencies would be nearly certain, as opposed to what is currently the case, when the majority of cryptocurrency movements and investments take place on exchanges and platforms outside of the country.
In this regard, on April 1, a bill was introduced in the Senate that sought to tax all properties owned by Argentinians in foreign nations, including bitcoin, in order to pay off a portion of the country’s debt to the International Monetary Fund.