The Argentinian securities Commission, the National Securities Commission (CNV), has opened an innovation center with the purpose of boosting discussions concerning cryptocurrency and fintech investments. This group will act as a conduit between private firms and the institution in order to bring new fintech and crypto-regulated assets to the market.
Fintech And Crypto Have Special Priority For Argentina’s Securities Regulator
Argentina’s securities regulator, the National Securities Commission (CNV), 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 exchange knowledge on the criteria that these goods must achieve in order to be put to market.
The CNV’s president, Andres Consentino, is confident about the proposal’s future. He explained:
In the context of the growth of crypto assets and fintech, we are taking proactive measures to collaborate with the industry and develop a regulatory and policy framework.
The number of bitcoin scams that have occurred in the country since cryptocurrency adoption peaked is one of the key worries behind this new center and one of the justifications for its development. Consentino expressed the following on the subject:
This program also attempts to increase the investor’s protection framework against common occurrences of unfavorable scenarios.
Soon, there will be Cryptocurrency Investment Products Available
This innovation center in Argentina could usher in a new era of regulated crypto-linked investment products. These products will be released in the near future, according to Andres Ponte, president of Matba Rofex, an investment brokerage firm.
There are two goals behind the country’s regulation of crypto investments. One goal is to protect investors who want to invest in crypto markets by launching regulated products. Another advantage that these products may provide to the national tax agency is that they cannot be hidden from the AFIP, the national tax agency, due to their nature.
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 vein, on April 1, a bill was introduced in the Senate that sought to tax all properties owned by Argentinians in foreign nations, including crypto, in order to pay off a portion of the country’s debt to the International Monetary Fund.