The National Securities Commission (CNV), which is the securities watchdog in Argentina, has recently unveiled an innovation hub with the aim of taking cryptocurrency and fintech investments to the next level. The hub will act as a crucial link between private entities and CVN to help advance the crypto-regulated instruments to the market.
CVN Assigns Cryptos and Fintech Special Importance
The National Securities Commission of Argentina (CNV) is taking action to help streamline the arrival of crypto-based instruments and fintech in the country. Recently, it launched an innovation hub to link private investors with regulators to help exchange information about requirements before releasing crypto-based products on the market.
According to Consentino Andres, the president of the National Securities Commission, there is a lot of optimism about the initiative’s future. He pointed out that they are being proactive in the context of the emerging crypto space and related assets and would want to work with the sector to create the right legal and policy framework.
One of the concerns about the new hub is the number of crypto-related scams that have happened since the peak of crypto adoption. On this issue, Consentino said that the initiative is targeting to strengthen the protection framework for investors when the threats strike.
Crypto-Assets Coming Soon
In his view, Andres Ponte, the president of the Matba Rofex, the innovation hub is expected to usher in a new era for regulated crypto products in Argentina.
There are two main objectives behind the regulation of crypto investments. One is to protect investors who are seeking to inject their money into the crypto markets via regulated products. Then, there is the advantage for the national tax agency, which expects to draw some revenue from the new products. It insists that these products cannot be hidden from AFIP, the Argentina National Tax Agency.
Once the regulations are installed, collecting taxes from cryptos will be pretty certain compared to now, when most investments and crypto movements are directed at exchanges and platforms outside the country.
In line with this, a law has already been presented to the country’s senate seeking to tax properties that Argentinians hold in foreign nations, including cryptos. This money would be directed at paying debts that the country has with the International Monetary Fund (IMF).
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