Argentina's Comisión Nacional de Valores (CNV), the country's securities watchdog, made headlines in late March when it announced a new mandatory registration for businesses and individuals relating to Bitcoin. This move comes as Javier Milei, a leader with anarcho-capitalist and libertarian views, recently assumed power. Despite Milei's pledge to rebuild the economy and promote the use of Bitcoin, the CNV's new regulations introduce additional layers of control in the Bitcoin space.

The registry, mandated by the Argentine senate on March 14 as part of a broader amendment to the current regulatory framework, aims to address recommendations from the Financial Action Task Force (FATF). It is designed to encompass a variety of Bitcoin-related services, including purchasing, selling, transferring, receiving, lending, and trading digital currencies. Roberto E. Silva, president of the CNV, made the position clear: "Those who are not registered will not be able to operate in the country."

The new rules extend beyond local businesses to include any company that operates within Argentina's market, regardless of its base location. This development has raised concerns among some industry participants and Bitcoin users.

Reports of difficulties using Bitcoin payment apps in Argentina have surfaced, with users on social platforms commenting on the inability to conduct transactions through custodial apps, such as belo and Strike, which had previously facilitated Bitcoin transfers.

Despite the regulatory changes, the implications for Argentinian Bitcoin users remain uncertain. Argentina is ranked as the 15th largest cryptocurrency market globally, according to the Chainalysis Global Crypto Adoption Index Top 20. The long-term effects of the new registry on the market are yet to be seen, but for now, individual users do not appear to be immediately impacted by the regulation.

Originally reported by Forbes