Argentina to VASPs: Register or shut down

Argentina has unveiled a new mandatory registry for all virtual asset service providers (VASPs) in a move that has rattled ‘crypto’ anarchists.

The Comisión Nacional de Valores (CNV), the top securities watchdog in the Latin American nation, announced the registry recently, noting that it aligns with recommendations from the Financial Action Task Force (FATF).

The FATF recently visited Argentina to evaluate the country’s anti-money laundering progress. The country was in a rush to get its house in order before the FATF’s visit. President Javier Milei issued an executive order that brought digital assets under the purview of the CNV.

Weeks later, the country’s lawmakers approved amendments to the country’s AML laws to include digital asset companies.

The watchdog has now formally announced that registration is mandatory for all VASPs, including offshore firms serving Argentinian investors.

“…those who are not registered will not be able to operate in the country,” CNV President Roberto Silva stated.

The new registry, which formally brings digital assets under the law, has rattled ‘crypto’ anarchists who still hold onto the misguided belief that Satoshi Nakamoto intended for Bitcoin to be beyond the law.

“It’s a terrible idea to have a registry that enables the buying and selling of [BTC]. [BTC] is money, not a security. It’s as wrong as if currency exchange houses for dollars or euros or shops where gold is bought and sold had to register with the CNV. It’s complete nonsense,” lamented Manuel Ferrari, the Argentinian founder of BTC DeFi protocol Money on Chain.

Ferrari believes that the new law goes against the people who need digital assets the most, claiming it will only benefit “useless people from the compliance industry.”

Others have targeted President Milei. The eccentric leader rose to power in 2023 on the pledge of upending the establishment. He described the central bank as “a scam” and claimed digital assets were the only way to return money to its original creator, the private sector. This made him the new poster boy for the ‘crypto’ community as the appeal of Nayib Bukele started to fade.

However, with the new law, Milei has gone against what the anarchists thought would be an unchecked invasion of Argentina.

Max Keiser, the outspoken BTC enthusiast whose opinions and antics are highly polarizing, claimed that Milei had “made his first major mistake” and that the Argentinian leader “never took the time to understand BTC” and will suffer the consequences.