Argentina's Financial Regulators Cooperate With CNAD El Salvador To Develop Crypto Regulations

JAKARTA - President Javier Milei's administration seeks to draft crypto regulation for cryptocurrency companies operating in Argentina. The country's regulator, Argentina's National Securities Commission (CNV) cooperates with El Salvador's National Digital Asset Commission (CNAD). This is intended to strengthen supervision and regulation of Virtual Asset Service Providers (VASPs).

According to CNV, cooperation with El Salvador's regulators is a momentum to 'promoting integrity, efficiency, and financial health of the supervised entity. Roberto Silva, President of CNV, praised El Salvador's experience in digital asset regulation.

El Salvador has been a pioneer in the adoption of Bitcoin and the management of other digital assets. We want to take advantage of their experience," Silva said, quoted by CryptoNews, Thursday, December 12.

This agreement comes after discussions between officials of the two countries in March and May 2023. El Salvador as a country that adopts Bitcoin as a legal tender is allowed to provide important solutions to Argentina so that it can be adapted properly.

This move supports President Milei's vision to open the door for cryptocurrencies to enter Argentina's financial markets. CNV launched its official VASP registries last June, authorized 35 companies, including four international exchanges.

In addition, CNV also allows crypto-based exchange-traded funds (ETF) trading in the national stock market. This is expected to attract foreign investment and diversify local portfolios with products such as Bitcoin and Ethereum ETFs.