Argentina Government Launches Mandatory Registration Platform for Virtual Assets

Argentina’s market regulator has launched a mandatory registry for crypto service providers.

The Comisin Nacional de Valores’ (CNV) new Registry of Virtual Asset Service Providers (PSAV) mandates that crypto companies like exchanges enter specified information on the regulator’s website in order to operate in the country.

CNV President Roberto E. Silva says they timed the rollout of a new registry with a visit from the Financial Action Task Force (FATF), an inter-governmental agency that develops anti-money laundering standards and measures to prevent terrorism financing.

“We have worked against the clock to advance compliance with Law No. 25,246 that reforms the National Regulatory System for the Prevention of Money Laundering and Financing of Terrorism and present today the creation of the PSAV registry before the end of the visit of the FATF to the country and taking into account its recommendation on the subject.”

Argentines have reportedly been buying up Bitcoin (BTC) to protect themselves from currency devaluation.

Bloomberg reports that the Argentina-based crypto exchange Lemon is seeing a large increase in Bitcoin purchases as the South American country faces one of the largest inflation rates in the world. Other major exchanges in Argentina such as Ripio and Belo have also witnessed a similar trend.

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This article was originally reported on The Daily Hodl.