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VASP License in Argentina

Published:
November 14, 2024

This type of licence is increasingly relevant as this region becomes a hub for e-currency operations. To obtain VASP licence in Argentina is essential for operating legally within Argentina’s growing crypto market, offering multiple benefits from regulatory support to potential tax incentives.

Advantages of VASP Licence

  1. Legality and Trust: Operating with this type of crypto licence in Argentina  permits e-currency profit-oriented operations to function legally, enhancing their status and building customer confidence.
  2. International Obedience: This region adheres strictly to the FATF’s AML/CFT recommendations, meeting global procedures critical for worldwide operations.
  3. Clients shielding: Legislative measures focus on client shielding, guaranteeing safer transferring operations and reducing risks for users.
  4. Economic Stability: Argentina’s surging prices has positioned e-currencies as valuable assets, with licensed entities able to provide exchange, storage, and asset management services.
  5. Innovation Opportunities: Complex legislation enables licensed companies to pioneer sophisticated technologies and pioneering monetary issues.
  6. Supervisory Loyalty: Argentina actively upholds crypto firms, facilitating cooperation with banks and payment systems.

Demands for receiving this type of licence

The submission routine entails several prerequisites:

  • Regional Presence: Natural or legal persons in this region ought to submit with the VASP Registry.
  • Documentation: fulfil evidence of identity, organisation incorporation documents, and obedience with AML/CFT protocols.
  • AML/CFT Obedience: Organisations ought to adopt KYC measures, monitor suspicious activities, and adhere to FATF standards.
  • Foreign Units: Foreign companies targeting the Argentine market (e.g., using “.ar” domains or engaging local partners) must register if their local turnover exceeds 20% of their total revenue.

Procedure for Receiving Certification

The steps involved in securing a VASP licence include:

  1. Pre-Submission: Fulfil a preliminary submission form with the CNV, detailing planned operations.
  2. Document Registration: Provide certified copies of corporate paperwork to confirm legal establishment.
  3. Monetary Disclosure: Fulfil monetary statements and a commercial strategy outlining the company’s objectives and funding sources.
  4. AML/KYC Obedience Verification: Illustrate adherence to KYC and AML procedures.
  5. Inspection and Approval: The CNV will verify paperwork; upon approbation, the organisation receives authorization to function.

Types of Crypto Licences

  1. Fiat Currency Exchange: Enables shifting between cryptocurrencies and traditional money.
  2. Virtual Investment Swap: Allows e-currencies exchanges (e.g., Bitcoin for Ethereum).
  3. Transaction Facilities: Assists e-currencies transfers between accounts.
  4. Storage and Management: Authorises organisations to store and manage digital assets securely.
  5. Monetary  Facilities: Permits companies to offer financial services related to virtual assets, including ICOs.

Regulation of VASPs in Argentina

In March 2024, Law No. 27,739 was enacted, forming a legal foundation for AML/FT protocols. Key regulatory resolutions include:

  • CNV General Resolution No. 944/2024: Mandates VASP registration and applies to both residents and foreign entities engaging with the Argentine market.
  • UIF Resolution No. 49/2024: Imposes AML/CFT obligations, including KYC, transaction monitoring, and risk management.

Taxation and Monetary Incentives

The Argentine government has introduced a crypto-friendly tax framework, proposing exemptions on capital gains and specific transaction thresholds. Additionally, companies with crypto holdings registered under the CNV may benefit from tax breaks, contributing to a favourable environment for crypto activities.

Are e-currencies regulated in Argentina?

Yes, the legislative scheme is evolving, with recent laws targeting AML/CFT compliance. Digital currencies commercials must register with the VASP Registry to function legally.

Why is a VASP licence necessary in Argentina?

A VASP licence is essential to meet AML/CFT standards and gain CNV authorization, ensuring legal and secure operations within the Argentine jurisdiction.

What is the submission routine for a VASP licence?

The process includes submitting documentation, compliance verification, and inspection by the CNV. Once approved, companies are permitted to provide cryptocurrency services legally.

Are there tax gains for licensed crypto organisations in Argentina?

Yes, Argentina offers tax incentives, including exemptions for certain crypto activities, which can attract investment and foster business growth in the crypto sector.

Are foreign VASPs required to register in Argentina?

Yes, foreign VASPs that conduct significant business in Argentina must register with the CNV if they use “.ar” domains, engage local partners, or if Argentine activities account for more than 20% of their turnover.

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