BitcoinArgentina’sONG introduces a proposal distinguishing decentralized and centrally issuedcrypto-assets,with regulatory mechanisms andlicenses,reflecting international standards and FATFrecommendations.
Points
- TheproposaldifferentiatesdecentralizedcryptocurrenciesfromcentrallyissuedoneslikeUSDCoin.
- Itestablishesgovernancemechanismsandlicensesfordigitalassets.
- Article1aimstoprotectrightsconcerningdecentralizedcryptocurrencies.
- ItintroducesregulatoryoversightbytheNationalSecuritiesCommission.
- Theproposalalignslocalregulationswithinternationalstandards.
BitcoinArgentina’sONG is advocating for a legal framework that defines cryptocurrencies as digitalassets,proposing regulations to facilitate industryoperations.In response to regulatorychanges,particularly under President JavierMilei’sadministration,the ONG Bitcoin Argentina has unveiled a draft law aimed at providing clarity and security for cryptocurrency users andbusinesses.
Article1of the draft law aims to protect the rights of individuals todevelop,acquire,possess,operate,and dispose of decentralized cryptocurrencies such as Bitcoin andEthereum.These assets would be classified separately from traditional financialassets,reinforcing protections for independent users who may or may not use centralizedexchanges.
“Allpeople have the right todevelop,acquire,possess,have,operate and disposeof,withoutrestrictions,bitcoin and other decentralized cryptoassets and to develop and operate on decentralized serviceplatforms.The law protects the property and rights over cryptoassets,”the text states in its Article1.
The proposal distinguishes between decentralized crypto assets like Bitcoin andEthereum,legally treated as currency without legaltender,and centralized issuance crypto assets like USD Coin（USDC）or Tether（USDT）,subject to specific regulations andobligations.
Legal advisor Rosendo Gravanago emphasized the need for a foundational law providing clear definitions and preciseregulations,especially concerning whether these assets should be treated similarly to traditional financialinstruments.
“Thekey point is to determine whether we should consider them similar to a traditional financial assetand,ifnot,what treatment they shouldreceive.It would be necessary to develop a base law that includes more precise and concretedefinitions,”said RosendoGravanago.
Additionally,the draft introduces licensing requirements for centralizedassets,with regulatory oversight designated by the ExecutivePower.This regulatory framework aims to mirror criteria observed in othercountries,such as the UnitedStates,where judicial decisions have clarified the application of securities laws to certainassets.
The CNVofArgentinaisthebodyinchargeofsupervisingcryptocurrencyexchanges.Source:Télam
The proposal designates the National Securities Commission（ComisiónNacional de Valores-CNV）as the regulatory body overseeing crypto assets and establishes a Registry of Service Providers（Registrode proveedores de servicios basados en ellos-PSAV）,aligning local regulations with recommendations from the Financial Action Task Force（FATF）.
Despite some criticism from the Bitcoin community regarding its potential impact on innovation and individualprivacy,particularly concerninganti-moneylaundering andcounter-terrorismfinancingmeasures,the PSAV registration remains operational with45authorizedcompanies,showing minimal disruption to theindustry.
解説
- Theproposalaimstocreateaclearlegalframeworkforcryptocurrencies,distinguishingbetweendecentralizedandcentrallyissuedassets.
- Article1ofthedraftlawemphasizesprotectingrightsrelatedtodecentralizedcryptocurrencieslikeBitcoinandEthereum.
- LegaladvisorRosendoGravanagohighlightstheneedforprecisedefinitionsandregulations.
- TheNationalSecuritiesCommissionisdesignatedastheregulatorybody,aligningwithFATFrecommendations.
- ThePSAVregistrationshowsminimalindustrydisruptiondespitesomecommunitycriticism.