Argentinian services regulator, The National Securities Commission (CNV) is looking to make things easier for the upcoming fintech and crypto-based investment instruments. For this, the institution has recently launched an innovation hub that’ll link private investors with regulators. Moreover, it’ll also allow the exchange of information about the requirements each product will come up with.
“We are being proactive in the context of the emergence of crypto assets and fintech, to work together with the sector and generate a regulatory and policy framework in this regard.“
While crypto has made substantial growth in Argentina, the number of crypto scams has also gone up. To counter this, CNV is looking to take the help of this new initiative. On this Consentino said:
“This initiative also aims to improve the protection framework for the investor against phenomena of quite unfortunate circumstances that usually occur.“
Besides this, the innovation hub will usher in a new era of regulated crypto-linked investment products. Andres Ponte, president of Matba Rofex, an investment firm, stated that such a product will arrive in the short term.
Looking broadly, the regulation of crypto investments in the country is due to two objectives. One of them is to protect investors that’ll put funds in crypto markets via regulated products. Second is the additional benefit from the tax agency that will have a record of these transactions.
Also, with the regulation on these instruments, the tax bodies can collect taxes on crypto, becoming an additional revenue source.