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The Argentinian chamber of Fintech issues a series of recommendations for upcoming regulations of digital assets in the country. The firm’s proposed framework has recommended that government should follow FATF recommendations which ask for a clear definition of digital assets and service providers.
Argentina is the country whose president said boldly that he is open to providing a legal tender to the cryptocurrencies in the country but he lacks knowledge about these assets. There are some regions in the country where crypto holders are taxed as these assets are considered international currencies. The process of regulation is going in the country and the chamber of Fintech has offered some recommendations.
Fintech issues a series of recommendations for upcoming regulation:
Fintech issues a series of recommendations for the upcoming regulation of digital assets in Argentina. The proposal of the firm has taken a deep dive into how crypto adoption in the country is increasing and then gave out some suggestions that could be beneficial for the regulatory process. The first and important suggestion was that country needs to follow the rules of the Financial Action Task Force (FATF) as it will oversee the status of the country.
The second important recommendation was that the concept of digital assets and digital asset service providers should be defined clearly. The proposal detailed:
[These definitions] should be based on concepts broad enough to cover the new technologies that are constantly emerging, as well as the activities and services related to them.
According to the text, crypto rules should also be explicitly defined in the law, as it would allow parties that use these virtual assets to open bank accounts without being segregated from the traditional banking sector. Fintech issues a series of recommendations and I think such institutes must help the government to define the law clearly.
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