The securities commission of Argentina proposed a new law to restrict money laundering activities via any crypto company in Argentina.
In the past few years, Argentine has shown a significant inclination toward the Crypto sector. The increasing adoption of cryptocurrencies in Argentina resulted in very big pressure on the government agencies to introduce rules to prohibit the illegal use of cryptocurrencies.
On 7 Feb 2023, Argentina’s National Securities Commission (CNV) spoke with CoinDesk and noted that the agency will establish and regulate requirements to be followed by crypto companies in the country.
The newly proposed rule is being discussed in the Argentine Congress and if it will passed then it will restrict all the Crypto companies to follow Anti Money laundering (AML) laws and also to ensure the safety of the crypto investors.
-----Cryptonews AD----->>>
Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at . https://www.bybit.com/invite?ref=PAR8BE
<<<-----Cryptonews AD-----
CNV source said that the agency is also planning to conduct consultation with Crypto market participants to create a regulation more nearly to international standards.
“The worst-case scenario is a regulation that cannot be implemented.” CNV official said.
Crypto & Money laundering
The nature of the majority of the Crypto networks is decentralised & transparent, which means any person can see the crypto transactions easily but still few techniques help bad actors misuse cryptocurrencies.
With the use of Crypto mixing platforms like Tornado Cah and Sinbad, bad actors easily launder funds.
It has been also found that many bad actors used private crypto networks like monero, dash to process illegal fund transactions for drug dealing, human trafficking, etc.
In 2022, The US OFCA agency banned the use of the Tornado Cash platform citing misuse of the platform by bad actors in money laundering, despite the Tornado team prohibiting the entry of bad actors on the platform.
Read also: Binance airdrops $100 per Turkish user to help earthquake victims
Argentine securities body to introduce new legislation on crypto companies
https://bitcoinik.com/argentine-securities-body-to-introduce-new-legislation-on-crypto-companies/feed/
https://bitcoinik.com/argentine-securities-body-to-introduce-new-legislation-on-crypto-companies/feed/
