Regulation of Virtual Asset Service Providers in Argentina

Argentina's Comisión Nacional de Valores (CNV) — the Argentine Securities Commission — issued General Resolution No. 1058, setting up a dedicated regulatory framework for Virtual Asset Service Providers (VASPs). The rule, enacted under Law No. 27,739 and aligned with international AML/CFT standards, introduces core provisions on registration, operation and supervision of these actors in the Argentine financial ecosystem.

Definition and scope

The Resolution adopts the VASP definition set out in Law No. 27,739, covering any natural person or legal entity that, on behalf of third parties, carries out any of the following operations:

• Exchange between virtual assets and legal tender.
• Exchange between different forms of virtual assets.
• Transfer of virtual assets.
• Custody and/or administration of virtual assets or instruments enabling their control.
• Provision of financial services related to the offering and/or sale of virtual assets.

As the enforcement authority, the CNV centralizes the VASP Registry and exercises supervisory, inspection, oversight and sanctioning powers under Capital Markets Law No. 26,831.

Implementation deadlines by VASP type

The Resolution sets different implementation deadlines depending on the type of obligated entity:

• Natural persons and legal entities already operating: must register with the VASP Registry before July 1, 2025 to continue operating legally.
• New entities starting operations: must register before beginning activity in the country.
• Individuals operating on their own account with monthly volumes below 35,000 UVA: exempt from registration, unless they exceed that threshold in any month.

As of March 15, 2025, the Unidad de Valor Adquisitivo (UVA) was worth ARS 1,381.11, meaning the 35,000 UVA monthly threshold was equivalent to approximately ARS 48,338,850 (USD 39,300).

• Foreign entities operating in Argentina: must register a local branch or subsidiary before October 1, 2025 to continue providing services to Argentine residents.

Registration obligation and VASP requirements

The rules require VASPs to register before starting activity in the country. This requirement extends to foreign legal entities operating in Argentina through local companies or permanent representations.

To register with the VASP Registry, applicants must meet requirements including:

• Incorporation as a corporation (SA) or limited liability company (SRL).
• Evidence of minimum net worth, varying by VASP category.
• Submission of corporate documents, criminal record and net-worth statement.
• Appointment of compliance and public-relations officers.
• Implementation of IT and cybersecurity measures.

The rules also set out incompatibilities, barring registration of persons with a record of financial crimes, money laundering or terrorism, among others.

Conduct rules and user protection

To promote transparency and stability, the Resolution introduces conduct and client-protection duties, including:

• Asset segregation: VASPs must clearly separate their own assets from client assets and are prohibited from using client assets for their own operations.
• Risk disclosure: clear and accessible disclosure of the risks inherent to virtual assets, including volatility and the absence of state backing.
• Market manipulation prohibition: restrictions to prevent practices that affect price formation or convey misleading information.
• Responsible advertising: all communications must be clear and avoid misleading users about the nature of the services offered.
• Customer service and complaint handling: appointment of a public-relations officer and effective dispute-resolution procedures.

Reporting and supervisory regime

Registered VASPs are subject to periodic reporting to the CNV, including financial statements, systems audits and activity reports.

The CNV also retains the power to impose sanctions for non-compliance and may even request the blocking of unregistered platforms operating in the country.

Conclusion

General Resolution No. 1058 is a significant step forward in the regulation of VASPs in Argentina, aligning the country with international standards and strengthening supervision of this expanding sector.

While the rule brings greater predictability and safety for investors and users, effective implementation will require ongoing monitoring as the virtual asset ecosystem evolves.

For crypto investors and companies operating in the sector, compliance will be key to avoiding sanctions and ensuring business continuity. If you need legal advice on how to comply or on how to protect your investments in virtual assets, contact Aníbal Falivene, an attorney specialized in the representation of investors in cryptocurrencies.