Proposal for regulating cryptocurrencies in Argentina is sent to Milei

The Argentine Fintech Chamber recently forwarded a project that provides for the regulation of the cryptocurrency industries in Argentina to the new president, Javier Milei, according to information from the Criptonoticias portal. The group’s main purpose is to advance the tokenized assets sector.

The proposal’s indication suggests the country’s need for the creation of a regulatory framework aimed at facilitating the entry of companies in the sector. As highlighted in the publication, the Argentine Fintech Chamber’s regulatory proposal highlights:

“The tokenization of assets allowed, for example, the creation of deposit certificates for grains stored in Argentina; certificates of participation in trusts whose assets consist of fields in production; share certificates, loans or other agreements linked to property owners that produce income in Spain”.

Highlighting the high potential of a billion-dollar market, the proposal justified the importance of regulation by stating: “we seek to ensure that Argentine regulators and legislators are aware of this technology and see the great opportunity to move forward with specific regulation for this purpose”.

In the document, the text also highlights the necessary reform in current legislation in Argentina, aiming to create a specific regulatory framework for operations in the sector.

It is worth remembering that Javier Milei was elected the new president of the Republic of Argentina this month. Milei is known for his progressive views on digital currencies. In a scenario where political uncertainty often shakes financial markets, Bitcoin (BTC) showed the opposite behavior, reaching a new all-time high after the election.

Bitcoin Argentina, an NGO prominent in the cryptocurrency scene, presented an innovative bill, with the aim of regulating the cryptocurrency market. This proposal, revealed by Ricardo Mihura, president of the organization, during LABITCONF 2023 in Buenos Aires, is a significant turnaround in the stance of the entity that previously resisted the idea of ​​regulation. The new proposal, emphasizing the preservation of decentralization and the protection of the public, marks an important moment for the cryptocurrency market in Argentina.

Ricardo Mihura, in his speech, highlighted the organization’s change in approach: “We have always rejected attempts to regulate the cryptoeconomy, but this time we set out to give a positive response, with just two purposes: preserving decentralization and protecting savings and public trust.” This statement reflects a new perspective on the need for regulation, especially in combating fraudulent activities under the guise of blockchain.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.