Argentina is moving closer to crypto regulation, as well as wider adoption, with a new “innovation hub” that will allow regulators, investors, and crypto startups to work together.
For a specially created government websitethe regulator National Value Comission (known locally as the CNV) has created the new “hub” to act as a bridge between private entities and regulators with the aim of “providing answers on legal and regulatory issues” for new companies operating in the technology fields. financial and crypto.
The center appears to be somewhat akin to the regulatory sandbox projects operated by other countries in the Latin American region, such as Colombia.
On the website, companies and projects working in the fintech and crypto sectors are invited to apply, on the condition that they operate under the supervision of the CNV and in “a regulated environment”.
The selected companies will be required to participate in workshops and “support sessions” with the regulator.
Andrés Consentino, president of the CNV, was quoted as saying:
“We are being proactive in the context of the emergence of [crypto-related] fintech companies and firms. [We want] work together with the sector and generate a regulatory and policy framework”.
Consentino added that the CNV initiative was also created in order to boost customer protection and purge the ecosystem of cryptocurrency-related “scams.”
Interested parties will have to pass a government screening process and agree to a set of terms and conditions.
According to the website, “support sessions” will be followed up with confidential, non-binding reports, with advice on areas for improvement, indicators of regulatory compliance, and more “to promote responsible innovation.”
Investors will also be able to take advantage of the ecosystem and support projects, knowing that they are developing under regulatory scrutiny.
“This initiative also aims to improve the protection framework for investors against the rather unfortunate circumstances that usually occur [in this space.]”