Argentine Fintech, a group working to modernize the structure of financial services providers, has issued its opinion on how the Argentine government should regulate cryptocurrency activities in the future. The proposal, which takes into account the increase in the use of these assets in the country, establishes a series of key issues that, according to the group, should be followed to bitter regulate cryptocurrency.
The first of them mentions the need to follow the recommendations of the Financial Action Task Force (FATF), because Argentina is part of this group and will oversee the country's status regarding these and other recommendations. The proposal also addresses the need to define the concepts of virtual resources and virtual resource service providers. The document states that these definitions "should be based on concepts broad enough to cover new technologies that are constantly emerging, as well as related activities and services."
Another recommendation concerns the legality of activities involving virtual goods. According to the text, cryptographic rules should also be explicitly defined in the law, as it would allow parties using these virtual assets to open bank accounts without being excluded from the traditional banking sector, as has already happened in some countries.
Fintech notes that while cryptocurrency adoption has flourished in the country without any specific regulation, it appreciates "the start of an upcoming regulatory process both regionally and globally", which prompted it to make these recommendations. The cryptocurrency theme has reached the highest levels in the country.
In August, Alberto Fernandez, the current president of Argentina, said he was open to adopting cryptocurrencies as legal tender in the country. There are already some laws passed in some countries where cryptocurrency users have to pay taxes for their crypto holdings, as they are considered international currencies.