Eternity Law International — News — VASP Regulation in Argentina 2024

VASP Regulation in Argentina 2024

Published:
November 4, 2024

With the development of cryptocurrency technologies and their growing popularity around the world, the issue of regulation of crypto assets is becoming increasingly relevant. Argentina, one of the Latin American countries with an active crypto-currency market, has taken significant steps in recent years to create a regulatory framework for virtual assets and related services. In 2024, the topic of regulation of virtual asset service providers (VASPs) takes on special significance. This article discusses key aspects of VASP regulation in Argentina, including licensing requirements, current regulations, benefits of obtaining crypto licenses, and the process and cost of the option to get a license.

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VASP registration in Argentina: cryptographic license requirement list 

In order to legally provide cryptocurrency-related services in Argentina in 2024, you must meet certain requirements and obtain the appropriate license. According to local laws and AML Act in Argentina 2024, these requirements include the following.

  1. Company registration: any company or exchange must be registered in Argentina. Moreover, you need to register an office in the country.
  2. AML/KYC Compliance: Companies providing virtual asset services are required to follow Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This includes verifying customers’ identities and monitoring suspicious transactions.
  3. Financial stability: To obtain a license, you must prove the existence of sufficient financial reserves to support the company’s activities.
  4. Professional competence: the company’s management must have the necessary experience and knowledge in the field of finance and crypto-currencies.
  5. Entrepreneurs must hire 1 director with residency.
  6. Technical security: companies must ensure a high level of security in their infrastructure to protect customer data and assets.

These requirements are aimed at ensuring the transparency and security of the crypto currency market in Argentina, as well as protecting the interests of clients and investors.

Argentina implements Virtual Asset Service Providers: crypto regulation in the jurisdiction

Crypto regulation in Argentina continues to evolve in response to changes in the global financial system and growing interest in cryptocurrencies among the local population. In 2024, Argentina adheres to the following principles in crypto regulation.

  1. Integration into the existing legal framework: Argentine regulators are seeking to integrate crypto assets into the country’s existing financial system, ensuring they comply with already established rules and regulations.
  2. Transaction Transparency: Argentina is actively working to establish mechanisms to ensure transparency in cryptocurrency transactions, including mandatory reporting of suspicious transactions to VASPs.
  3. Consumer protection: An important aspect of regulation is the protection of the rights and interests of consumers, including the provision of refunds in the event of violation of the terms of service.
  4. International cooperation: Argentina actively cooperates with international organizations and other states to unify approaches to crypto regulation, which is important for combating cross-border financial crimes.

Thus, in 2024, crypto-regulation in this country aims to fully comply with Argentina AML CFT activities regulative basis, create a balanced and secure environment for transactions with crypto assets. Our specialists will help you understand all the nuances and subtlest aspects of licensing to open your own business. We work in hundreds of commercial areas, in particular, we help with obtaining a gambling license in Romania, Malta, Georgia and other countries.

Advantages of crypto licenses in Argentina

Obtaining a crypto license in Argentina in 2024 provides companies with a number of significant benefits.

  1. Legal activity: having a license allows companies to operate legally, avoiding possible legal problems and fines.
  2. Access to banking services: Licensed companies have access to bank accounts and other financial services, making it easier to do business.
  3. Increased customer trust: Customers and partners are more willing to do business with companies that have an official license, as this ensures the security of their funds and data.
  4. Simple establishment process: Argentina makes registration of crypto exchanges easier and more transparent.
  5. Favorable tax conditions: The tax on profits received is 16%.
  6. Protection from competition: Licensed companies gain a competitive advantage in a market where not all players are willing to meet stringent regulatory requirements.
  7. Possibility of international expansion: a license issued in Argentina facilitates the company’s entry into international markets, as many countries recognize Argentine regulation.

Procedure for obtaining a crypto license in Argentina

The process of obtaining a cryptocurrency license in Argentina includes several stages, each of which requires careful preparation and compliance with all regulatory requirement list.

  1. Submitting an application: The company must submit an application to the relevant regulatory authority, providing a complete package of documents, including the articles of association, information on financial stability and AML/KYC policy.
  2. Document verification: The regulator conducts a comprehensive review of submitted documents, including checking the competence of the company’s management and the compliance of the technical infrastructure with security requirements.
  3. Risk assessment: at this stage, the regulator assesses the risks associated with the company’s activities and conducts additional checks if necessary.
  4. Issuance of a license: after successfully passing all checks, the company receives a crypto license, which allows it to legally provide services in the field of virtual assets.

How much does a crypto-currency license cost in Argentina?

The price of obtaining a crypto-currency license in Argentina can vary depending on a number of factors, including the size of the company, the scope of services provided, and the need to engage external consultants. Total licensing costs may include the following components.

  1. Government fees according to the local law: Payment of official fees for applying and obtaining a license.
  2. Legal services: costs for legal support of the licensing process, including preparation and verification of documents.
  3. Consulting services: payment for the services of consulting companies that help prepare the company to comply with regulatory requirements.
  4. Technical Expenses: Investments in security and upgrading of technical infrastructure to meet regulatory standards.

The cost of obtaining such a permit is calculated individually in each case. Our lawyers will calculate the exact price for you before cooperation begins.

VASP regulation in Argentina in 2024 aims to create a secure and transparent environment for dealing with crypto assets. To obtain a crypto license requires companies to meet strict requirements, but provides significant benefits, including legal operations, access to banking services and increased customer trust. Argentina continues to develop its regulatory framework for cryptocurrencies, making the country attractive to companies looking to operate in this fast-growing industry.Our lawyers are ready to become your reliable allies on the path to establishing your business. We also help in obtaining a banking license in the Comoros Islands, a gambling license in Malta, a Forex permit in Estonia and many others. Contact us today and your profitable “tomorrow” will come as soon as possible.

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