Regulatory Approval from Argentina’s CNV
Crypto.com has officially registered as a Virtual Asset Service Provider (PSAV) with Argentina’s National Securities Commission (CNV). This regulatory milestone was confirmed by the company in an announcement to Cointelegraph en Español.
“We are proud to achieve this latest regulatory milestone and excited to offer Argentine consumers and merchants a more comprehensive and secure crypto trading experience,” stated Alain Yacine, Crypto.com’s President for Latin America.
With this approval, Crypto.com will provide a fully regulated suite of products and services in Argentina. The company continues to collaborate with the CNV to obtain a full operational license under the new regulations announced on March 14. Their localized product portfolio will be accessible through the company’s app, which had already launched ARS fiat wallet services in 2022.
Argentina: A Regional Leader in Crypto Adoption
“The Latin American market, and Argentina in particular, is growing rapidly in cryptocurrency adoption and is central to Crypto.com’s expansion strategy,” Yacine emphasized.
A recent study conducted by Crypto.com among Argentine citizens revealed that nearly half (46%) of respondents believe it is important or very important to be able to spend crypto using a debit card. Additionally, more than half (57%) indicated they are likely or very likely to invest in cryptocurrencies within the next 12 months.
According to CNV data cited by Crypto.com, Argentina has over 10 million crypto asset accounts, demonstrating the widespread interest and adoption of digital financial technologies. Furthermore, recent reports indicate that 2.5 million active users engage in monthly cryptocurrency transactions in the country.
Stablecoins Dominate Argentina’s Crypto Market
Local stablecoin activity represents 61.8% of transaction volume, significantly surpassing the global average of 44.7%. This highlights the demand for financial stability in an economically volatile environment, as noted by Crypto.com.
Regulatory Frameworks Strengthen the Crypto Ecosystem
As regulatory frameworks continue to take shape in a rapidly evolving industry, they are essential for ensuring user security. Argentina’s new regulations for PSAVs aim to enhance transparency, stability, and user protection in the crypto ecosystem, marking another step toward the formalization and regulation of the country’s cryptocurrency market.