Argentina
Retail_Trading_Status
- Analysis ID
- #591
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- Created
- 2025-12-12 03:12
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- 6e648e7a...
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Executive Summary
Cryptocurrency activities in Argentina are legal and formally regulated under a comprehensive framework established by Law 27.739 and overseen by the National Securities Commission (CNV). A mandatory registry for Virtual Asset Service Providers (PSAV) is in force, with over 100 entities registered as of late 2025, ensuring compliance with AML/CFT standards. While retail trading is permitted and widely adopted as a hedge against inflation, traditional financial institutions (banks) remain temporarily restricted from offering crypto services directly under Central Bank (BCRA) rules, though plans are underway to lift this ban by 2026.
Key Pillars
National Securities Commission (CNV): Primary regulator for VASPs; manages the PSAV Registry and conduct rules.
Financial Information Unit (UIF): Enforces AML/CFT compliance; VASPs are obligated subjects.
Central Bank of Argentina (BCRA): Oversees the foreign exchange market (MULC) and payment systems; currently restricts banks from offering crypto.
Agency for Collection and Customs Control (ARCA/AFIP): Manages taxation, including the 'Blanqueo' (Asset Regularization) program and capital gains.
Landmark Laws
Law No. 27.739 (Reform of the Money Laundering Prevention Law) (Ley 27.739) - Enacted: 2024-03-15
- Amended the AML framework to include Virtual Asset Service Providers (VASPs) as obligated subjects and empowered the CNV to regulate and supervise the crypto sector.
- Source
CNV General Resolution No. 1058/2025 (RG CNV 1058/2025) - Enacted: 2025-03-14
- Established the definitive regulatory framework for VASPs, setting requirements for net worth, conduct, cybersecurity, and mandatory registration categories.
- Source
CNV General Resolution No. 994/2024 (RG CNV 994/2024) - Enacted: 2024-03-25
- Created the Registry of Virtual Asset Service Providers (PSAV), making registration mandatory for any entity facilitating crypto trading, custody, or payments in Argentina.
- Source
BCRA Communication A 7506 (Com. A 7506) - Enacted: 2022-05-05
- Prohibits financial institutions (banks) from facilitating operations with digital assets not regulated by the BCRA, effectively banning banks from selling crypto directly.
- Source
Considerations
Banking Restrictions: While VASPs are regulated, traditional banks are currently barred from offering crypto services (custody/trading) to clients, creating a separation between the banking and crypto sectors.
Foreign Exchange Controls (Cepo): Strict FX controls make crypto (particularly stablecoins like USDT) a critical tool for accessing foreign currency value; 'Crypto Dollar' rates often track the unofficial 'Blue' dollar.
Tax Amnesty (Blanqueo): The government introduced a regularization scheme allowing citizens to declare unregistered crypto holdings at favorable tax rates (0% for assets under $100k if held in the system).
Travel Rule: Implementation of FATF Travel Rule requirements is mandatory for registered VASPs.
Notes
The analysis reflects the status as of December 12, 2025. The regulatory environment has matured significantly since 2023, moving from a hands-off/warning approach to a formal registration regime. The high inflation rate in Argentina has been a primary driver for both adoption and the government's pragmatic approach to regulation.
Remaining Uncertainties
- The exact timeline for the lifting of BCRA Communication A 7506 (Bank Ban) remains subject to final approval.
- Specifics of the prudential requirements for banks once they are allowed to custody crypto (e.g., capital weighting for crypto assets).
- Long-term tax treatment of crypto used in daily payments if adoption continues to scale.
Detailed Explanation
Detailed Explanation
Cryptocurrency activities in Argentina are legal and formally regulated under a comprehensive framework. The legal status was solidified by Law No. 27.739, enacted on March 15, 2024, which amended the country's anti-money laundering legislation to include Virtual Asset Service Providers (VASPs) as obligated subjects and empowered the National Securities Commission (CNV) as the primary regulator for the sector. This law established the foundation for a detailed regulatory regime, which was subsequently implemented through CNV resolutions. The definitive regulatory framework was established by CNV General Resolution No. 1058/2025 on March 14, 2025, setting requirements for VASPs regarding net worth, conduct, and cybersecurity. Mandatory registration for any entity facilitating crypto trading, custody, or payments is enforced through the Registry of Virtual Asset Service Providers (PSAV), created by CNV General Resolution No. 994/2024 on March 25, 2024, with over 100 entities registered as of late 2025. Compliance with Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) standards is overseen by the Financial Information Unit (UIF), and implementation of the FATF Travel Rule is mandatory for registered VASPs. Taxation of crypto assets, including capital gains and the 'Blanqueo' (Asset Regularization) program offering favorable tax rates for declaring unregistered holdings, is managed by the Agency for Collection and Customs Control (ARCA/AFIP). A significant restriction exists within the traditional financial sector: the Central Bank of Argentina (BCRA), through Communication A 7506 dated May 5, 2022, prohibits financial institutions from offering crypto services directly, such as custody or trading, though plans are reportedly underway to lift this ban by 2026. This creates a separation between the regulated crypto sector and the banking system. Argentina's high inflation rate and strict foreign exchange controls have made cryptocurrencies, particularly stablecoins, a critical tool for citizens to hedge against inflation and access foreign currency value, driving both widespread retail adoption and the government's pragmatic regulatory approach.
Summary Points
I. Regulatory Status
* Allowed-Regulated: Cryptocurrency activities are legal and operate under a formal, comprehensive regulatory framework.
* The environment has matured significantly since 2023, moving from warnings to a formal registration regime.
II. Key Regulatory Bodies
* National Securities Commission (CNV):
* Primary regulator for Virtual Asset Service Providers (VASPs).
* Manages the mandatory PSAV Registry and sets conduct rules.
* Financial Information Unit (UIF):
* Enforces AML/CFT compliance; VASPs are obligated subjects.
* Central Bank of Argentina (BCRA):
* Oversees the foreign exchange market (MULC) and payment systems.
* Currently restricts traditional banks from offering crypto services.
* Agency for Collection and Customs Control (ARCA/AFIP):
* Manages taxation, including capital gains and the 'Blanqueo' asset regularization program.
III. Important Legislation
* Law No. 27.739 (Reform of the Money Laundering Prevention Law):
* Enacted: March 15, 2024.
* Amended AML framework to include VASPs as obligated subjects and empowered the CNV to regulate the crypto sector.
* CNV General Resolution No. 1058/2025:
* Enacted: March 14, 2025.
* Established the definitive regulatory framework for VASPs, setting requirements for net worth, conduct, and cybersecurity.
* CNV General Resolution No. 994/2024:
* Enacted: March 25, 2024.
* Created the mandatory Registry of Virtual Asset Service Providers (PSAV).
* BCRA Communication A 7506:
* Enacted: May 5, 2022.
* Prohibits financial institutions from facilitating operations with digital assets not regulated by the BCRA.
IV. Compliance Requirements
* Mandatory registration in the PSAV Registry for any entity facilitating crypto trading, custody, or payments.
* Over 100 entities were registered as of late 2025.
* Compliance with AML/CFT standards enforced by the UIF.
* Implementation of the FATF Travel Rule is mandatory for registered VASPs.
* Adherence to CNV rules on net worth, conduct, and cybersecurity per Resolution 1058/2025.
* Taxation obligations managed by AFIP, including the 'Blanqueo' program for declaring unregistered holdings.
V. Notable Restrictions or Limitations
* Banking Restrictions: Traditional financial institutions (banks) are currently barred from offering crypto services (custody/trading) directly to clients under BCRA rules, creating a separation between banking and crypto sectors.
* Foreign Exchange Controls: Strict FX controls (Cepo) make crypto (especially stablecoins like USDT) a critical tool for accessing foreign currency value, with 'Crypto Dollar' rates often tracking unofficial markets.
VI. Recent Developments or Notes
* Analysis reflects status as of December 12, 2025.
* High inflation in Argentina is a primary driver for both crypto adoption and the government's pragmatic regulatory approach.
* The government introduced a tax amnesty (Blanqueo) allowing declaration of unregistered crypto holdings at favorable rates (0% for assets under $100k if held in the system).
* Plans are reportedly underway to lift the ban on banks offering crypto services by 2026.
Full Analysis Report
Full Analysis Report
As of December 2025, Argentina has transitioned from a gray-zone jurisdiction to a fully 'Allowed-Regulated' environment for cryptocurrency service providers, driven by the need to comply with FATF (GAFI) standards and the high local adoption of digital assets. The regulatory cornerstone is Law 27.739 (enacted March 2024), which formally brought Virtual Asset Service Providers (VASPs) under the supervision of the National Securities Commission (CNV) and the Financial Information Unit (UIF). This move legitimized the sector, requiring all exchanges, custodians, and payment processors operating in the country to register in the 'Registro de Proveedores de Servicios de Activos Virtuales' (PSAV).
The CNV has since issued detailed operational rules, most notably General Resolution 1058/2025, which finalized the compliance requirements for the sector. As of late 2025, over 100 entities have successfully registered, including major international platforms like Binance and Bybit, as well as local leaders like Lemon, Ripio, and Buenbit. This registration serves as a de facto license; operating without it is prohibited. The framework mandates strict AML/KYC procedures, minimum capital requirements, and reporting obligations, providing legal certainty for retail investors who use crypto extensively to hedge against the Argentine Peso's inflation.
Despite the progressive VASP regulation, a dichotomy remains within the broader financial system due to Central Bank (BCRA) Communication A 7506. Issued in 2022, this rule prohibits traditional financial institutions (banks) from offering crypto services directly to clients. While this ban remains in force as of December 2025, the BCRA under the Milei administration has signaled a shift in stance, with draft plans reportedly in motion to allow banks to offer crypto trading and custody by April 2026. Currently, banks process fiat transfers to/from registered VASPs but cannot custody the assets themselves.
Taxation has also been clarified and utilized as a policy tool. The 'Blanqueo' (Asset Regularization) program allowed taxpayers to declare previously unreported crypto holdings without penalty up to $100,000, integrating these assets into the formal economy. Regular trading is subject to capital gains tax (Impuesto Cedular), and personal assets tax (Bienes Personales) applies to holdings at year-end. The regulatory environment is thus characterized by high adoption, strict VASP supervision, and an anticipated convergence between the traditional banking system and the crypto economy in the near future.
As of December 2025, Argentina has transitioned from a gray-zone jurisdiction to a fully 'Allowed-Regulated' environment for cryptocurrency service providers, driven by the need to comply with FATF (GAFI) standards and the high local adoption of digital assets. The regulatory cornerstone is Law 27.739 (enacted March 2024), which formally brought Virtual Asset Service Providers (VASPs) under the supervision of the National Securities Commission (CNV) and the Financial Information Unit (UIF). This move legitimized the sector, requiring all exchanges, custodians, and payment processors operating in the country to register in the 'Registro de Proveedores de Servicios de Activos Virtuales' (PSAV). The CNV has since issued detailed operational rules, most notably General Resolution 1058/2025, which finalized the compliance requirements for the sector. As of late 2025, over 100 entities have successfully registered, including major international platforms like Binance and Bybit, as well as local leaders like Lemon, Ripio, and Buenbit. This registration serves as a de facto license; operating without it is prohibited. The framework mandates strict AML/KYC procedures, minimum capital requirements, and reporting obligations, providing legal certainty for retail investors who use crypto extensively to hedge against the Argentine Peso's inflation. Despite the progressive VASP regulation, a dichotomy remains within the broader financial system due to Central Bank (BCRA) Communication A 7506. Issued in 2022, this rule prohibits traditional financial institutions (banks) from offering crypto services directly to clients. While this ban remains in force as of December 2025, the BCRA under the Milei administration has signaled a shift in stance, with draft plans reportedly in motion to allow banks to offer crypto trading and custody by April 2026. Currently, banks process fiat transfers to/from registered VASPs but cannot custody the assets themselves. Taxation has also been clarified and utilized as a policy tool. The 'Blanqueo' (Asset Regularization) program allowed taxpayers to declare previously unreported crypto holdings without penalty up to $100,000, integrating these assets into the formal economy. Regular trading is subject to capital gains tax (Impuesto Cedular), and personal assets tax (Bienes Personales) applies to holdings at year-end. The regulatory environment is thus characterized by high adoption, strict VASP supervision, and an anticipated convergence between the traditional banking system and the crypto economy in the near future.
Source Evidence
Primary and secondary sources cited in this analysis
"Las personas físicas o jurídicas... deben inscribirse en el Registro de PSAV, habilitado por la CNV, antes de iniciar actividades."
"Las entidades financieras no pueden realizar ni facilitar a sus clientes la realización de operaciones con activos digitales."
"Incorpórase como inciso 16 del artículo 20 de la Ley 25.246... a los Proveedores de Servicios de Activos Virtuales."
"Establece un régimen de registro, supervisión y control aplicable a los Proveedores de Servicios de Activos Virtuales."
"The BCRA is working on new rules that would allow traditional banks to offer cryptocurrency services starting in April 2026."
"Al día de hoy, contamos con ciento un (101) inscripciones... de las cuales noventa y cinco (95) corresponden a Personas Jurídicas."
Web Sources (5)
Sources discovered via web search grounding
Search queries used (5)
- Argentina crypto regulation Milei administration changes
- Argentina crypto tax laws 2024 2025
- list of registered crypto exchanges Argentina CNV
- Argentina CNV Registro de Proveedores de Servicios de Activos Virtuales PSAV status 2024 2025
- BCRA communication A 7506 A 7759 crypto ban status 2025
https://www.signzy.com/blogs/argentina-cryptocurrency-laws-2025
https://www.htx.com/news/argentinas-sab121central-bank-close-to-lifting-tradfi-crypto-zHFu1SBE/
https://bravenewcoin.com/insights/argentinas-central-bank-plans-to-let-banks-offer-crypto-services-by-2026
https://coinjournal.net/news/argentina-moves-to-reshape-crypto-rules-as-banks-prepare-for-bitcoin-services/
https://sumsub.com/blog/argentina-crypto-compliance/