The government of Argentina is planning to regulate cryptocurrency service providers through an executive order. President Javier Milei is reportedly going to issue an emergency decree to establish rules for these providers, subjecting them to oversight by the national securities watchdog (CNV).
Milei’s main goal is to prevent Argentina from being put back on the Financial Action Task Force’s (FATF) list of countries with inadequate money laundering policies. Argentina was on the list from 2010 to 2014 due to its weak regulations. The upcoming evaluation by the FATF will be driving Milei’s efforts to improve the country’s anti-money laundering practices.
According to the new regulation, every cryptocurrency service provider must register with the country’s securities regulator and obtain a license, even if they are located outside of Argentina. Additionally, they must share information with the national intelligence unit to adhere to anti-money laundering laws, which includes producing risk assessments and reporting any suspicious transactions.
Bitget, a cryptocurrency exchange, has announced plans to expand into Latin America.
Bitget, a cryptocurrency exchange headquartered in Seychelles, is getting ready to increase its presence and activities in Latin America. As one of the top 15 largest cryptocurrency exchanges, the company plans to target newcomers in the industry in the region and provide tools to simplify portfolio management and investments for those who are not well-versed in cryptocurrencies.
Maximiliano Hinz, the growth lead for Bitget in Latin America, sees copy-trading as the key to their plan. This feature lets users mirror the trading strategies of experienced investors with a portion of their portfolio. Bitget aims to increase its workforce in Latin America from 80 to 160 employees within the next two years.
The National Banking and Insurance Commission of Honduras has restated its decision to prohibit financial institutions from working with cryptocurrency assets and explained the extent of the measures announced last week. The commission described bitcoin as “unregulated digital currency,” cautioning that it originated from a network with no limitations or boundaries.
The commission also approved that these institutions would be prohibited from acting as intermediaries in conducting transactions involving cryptocurrencies or holding cryptocurrency as part of their reserves or any other financial instruments tied to the value of these assets.
