law. As part of the new amendment, it proposes to include the creation of a registry of domestic Virtual Asset Service Providers (VASPs). The change will prepare the country for the upcoming review of the matter by the Financial Action Task Force (FATF) next year.
Argentina may create a unified VASP registry
Discussion of Argentina’s proposed anti-money laundering and terrorist financing law reforms includes a unified VASP registry. It may involve creating a VASP registry. The proposal, made by several agencies in the country, including the Argentine Tax Authority (AFIP) and the National Securities Regulatory Authority (CNV), brings the law up to modern standards.
This will be the first amendment a legislator will put pressure on his 11-year-old law. The agency presented the changes to the country’s vice-chamber at a meeting held on November 25. One of the aims of the move is to prepare the country for the FATF’s planned review of Argentina’s regulations next year.
This reform would also allow AFIP to build its own database of beneficiaries, with CNV spearheading his proposed VASP registry.
Changes focused on bringing safety to users
Proponents of these changes believe that describes it as being inspired by similar changes implemented by companies in Already a country that has been vetted by the FATF, it is part of the steps that need to be taken before Argentina begins preparing crypto-specific regulations.
Sebastian Negri, head of the National Anti-Money Laundering Organization (UIF), elaborated on the need to approve and implement these changes. He said:
We must be able to create registries that meet international standards for preventing money laundering and terrorist financing. .
Furthermore, Mr. Negri said that these changes take a cue from the situation of FTX, one of his top three cryptocurrency exchanges, to make money available to users of these platforms. Said it helps protect against potential failures and bankruptcies. , currently facing.
Negri also said the use of personal data owned by these companies would be addressed in the reform. It was part of a Global Financial Integrity study that conspired that Latin American cryptocurrency regulations were still ineffective in detecting and convicting crypto-related crimes.
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