13 Mar 25 Regulation of PSAVs

By Agustín L. Cerolini, Martín Chindamo and Tomás Mingrone

By means of Resolution No. 1,058 (hereinafter, the «Resolution«), the Argentine Securities Commission (hereinafter, the «CNV«) has approved the regulation of Virtual Asset Service Providers (hereinafter, the «PSAVs«).

This framework is implemented in compliance with the legal mandate established by Law No. 27,739, which designated the CNV as the regulatory body for PSAVs, following the public consultation conducted through CNV General Resolution No. 1025.

The aim of this Resolution is to ensure transparency, stability, and user protection within the crypto ecosystem by imposing obligations related to registration, cybersecurity, asset custody, anti-money laundering measures, and risk disclosure.

Additionally, the regulation establishes an informational regime applicable to PSAVs while registered in the PSAV Registry (hereinafter, the “Registry”), as well as the financial requirements they must meet.

Registration in the Registry will allow entities that meet the established requirements to operate and be registered as PSAVs. Furthermore, it allows the delegation of certain functions to parent companies or third parties, both domestically and abroad, always under the full responsibility of the registered PSAVs. Likewise, it enables agreements with registered capital market agents for client referrals and with third parties.

The CNV shall have the authority to suspend or revoke registrations in cases of non-compliance. Additionally, PSAVs that are not registered may be blocked in Argentina by court order.

Finally, for PSAVs already registered in the Registry at the time this Resolution comes into effect, specific deadlines have been established to ensure compliance with the new provisions and maintain their registration. These deadlines are as follows:

i) Natural persons: before July 1, 2025.

ii) Legal entities incorporated in Argentina: before August 1, 2025.

iii) Legal entities incorporated abroad: before September 1, 2025.

iv) Legal entities incorporated abroad that decide to establish a company in Argentina under Article 123 of Law No. 19,550: before September 1, 2025.

The regulation will come into effect on December 31, 2025.