As we have mentioned throughout this last year, the topic of virtual assets has been the object of analysis both by the actors involved in this sector, and by public opinion in general due to its great boom and adoption. In Argentina, part of this interest can be explained as well mentioned by the great adoption of virtual assets that the South American country registers, where there are more than two million accounts open in Virtual Asset Service Providers, according to the Argentine Chamber of Fintech that ensures that to this must also be added the accounts opened by Argentines in foreign providers, as well as transactions between peers (known as “P2P”), which are carried out outside of national or foreign providers.
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It is an area that has flourished and evolved without the existence of a specific regulatory framework. However, given that the beginning of an imminent regulatory process at both regional and global levels has been observed, the Argentine Chamber of Fintech has shared with Cointelegraph en Español, its proposal of a series of different minimum guidelines based on the best regulatory practices to international level and in the recommendations of the group of which Argentina is a member, the International Financial Action Group (FATF), which should be incorporated into a national law, in the event that it is decided to advance a regulation in the South American country .
“The evolution of blockchain technology and virtual assets places us at a foundational point, which will modify the paradigm of value exchange. The current moment can be compared with the irruption of the steam engine at the end of the 18th century, or that of electricity and the automobile at the beginning of the 20th century, or the Internet in the mid-90s, or the appearance of smartphones in the late 2000s. Neither event was perceived at the time. The impact of blockchain will have an impact. similar path, but with a much higher speed of adoption, “said the Argentine Chamber of Fintech in a working document, where it sets out the following guidelines to consider in order to find a balance that creates the necessary conditions to attract investment to the country , while developing and retaining the necessary talent for this objective:
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