Important facts:
  • Banks and brokerages are required to report cryptocurrency transactions.

  • The order coincides with the government’s efforts to discourage the parallel exchange market.

In Argentina, the Financial Information Unit (FIU) was launched on May 20, launching an investigation to gather information about cryptocurrency operations. The government agency is trying to tighten control measures by requiring each company to report transactions that may be suspicious “with the aim of adapting the anti-money laundering and terrorist financing system”.

«Due to the increase in transactions with virtual currencies and in line with the general recommendations of the FATF (International Financial Action Group), the Financial Information Unit (FIU) has the mandatory subjects (banks, stock corporations, notaries, trusts, foundations etc.) to help them devoted to tracking and analyzing cryptocurrency maneuvers, ”the UIF statement said.

The document adds that the agency is requesting information from agents involved in cryptocurrency operations and clarifies that they have found that cryptocurrency operations in the country have recently increased. Over, warns that these operations could be carried out by “people trying to circumvent international standards and avoid the preventive system of money laundering and terrorist financing ».

The regulatory authority has therefore not provided exact data It remains in the air when and how these measures are carried out, which will also force NGOs to disclose information linked to the donations they make via cryptocurrencies and data about the operations performed by their partners.

The order comes at a time when the government is trying to drain the parallel market and prevent foreign currency from escaping the financial system. As part of these measures, the government remained in control of the capital or exchange portfolio, which was implemented by the Mauricio Macri government on September 2. Since then, the bitcoin market in Argentina has gained momentum, as it has since 2011 When the Argentinians found the best alternative for their efforts to defeat inflation amid the economic vortex in cryptocurrencies.


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