Argentina Unveiled Mandatory Registry For Bitcoin And Crypto Platforms

[crypto]

Another one bites the dust. Argentina is going to regulate bitcoin and cypto just like other countries.

Argentina Unveiled Mandatory Registry For Bitcoin And Crypto Platforms

Javier Milei took the power in Argentina boosting the optimism around crypto adoption, but passed a law that demands a mandatory registry from cryptocurrencies platforms.

www.forbes.com

 

[import export]

I just posted this in another post.

But isn't this a positive? I am not familiar with crypto but isn't this a net positive? Why would any legitimate holder of crypto care about this unless they were shady and avoiding taxes, involved with trafficking of drugs or buying drugs. Normal banking across much of the world has been regulated. Why should bitcoin or crypto be any different?

 

[Finance Prof]

I just posted this in another post.

But isn't this a positive? I am not familiar with crypto but isn't this a net positive? Why would any legitimate holder of crypto care about this unless they were shady and avoiding taxes, involved with trafficking of drugs or buying drugs. Normal banking across much of the world has been regulated. Why should bitcoin or crypto be any different?

Using cryptocurrency for illicit activities such as tax evasion or drug dealing would be foolish because of its transparent ledger system, which facilitates tracing transactions back to users with relative ease.

Despite this, traditional means such as cash (USD and Euros) and complicit banks remain the preferred choice for criminal exchanges worldwide.
The ongoing debate revolves around whether Bitcoin should be classified as a security or a commodity, with various regulatory bodies worldwide taking differing stances.

In the USA, the current administration leans towards classifying it as a commodity, while Argentina plans to treat it as a security, requiring Bitcoin-related entities to be registered and regulated.

Should cryptocurrencies be treated as securities, it could impose excessive regulatory burdens on companies operating in the sector, potentially deterring investment and development in Argentina. Consequently, these companies may establish themselves in more crypto-friendly jurisdictions like the US, UK, Singapore, Japan and Hong Kong.

Such stringent laws in Argentina could stifle innovation, preventing the development of the next generation of software, and tokenized assets, including payment systems, video games, and more.

If these regulations come into effect, it would represent a significant setback for Argentina, IMHO.

 

[Billy Goat]

IMHO the crypto industry definitely needs to be regulated. Look at all the scams, theft, fraud and abuse going on. Tons and tons of cases where investors were victims of fraud and theft in this area.

Web3 is Going Just Great

A timeline recording only some of the many disasters happening in crypto, decentralized finance, NFTs, and other blockchain-based projects.

www.web3isgoinggreat.com

 

[enbits]

I just posted this in another post.

But isn't this a positive? I am not familiar with crypto but isn't this a net positive? Why would any legitimate holder of crypto care about this unless they were shady and avoiding taxes, involved with trafficking of drugs or buying drugs. Normal banking across much of the world has been regulated. Why should bitcoin or crypto be any different?

Not really:

 

[import export]

Not really:

Thank you for the lesson. It is very interesting. EU and many other countries seem hell bent on regulating and controlling it.

 

[Vince]

I just posted this in another post.

But isn't this a positive? I am not familiar with crypto but isn't this a net positive? Why would any legitimate holder of crypto care about this unless they were shady and avoiding taxes, involved with trafficking of drugs or buying drugs. Normal banking across much of the world has been regulated. Why should bitcoin or crypto be any different?

Most major countries I believe are already doing this. Argentina is trying to get out of "grey" status and wants to be a bigger respectable player and get access to international investments and capital. This is a requirement for that. Net positive.

 

[Flamingo]

Does it strike some of you that Milei is a so called anarcho capitalist and he is trying to raise income taxes. I thought he was going to try to get rid of them. I thought he was for less regulation. Now saying cyptos are securities. Strange interpretation of being a liberalist.

 

[earlyretirement]

I saw this article today on this topic.

Argentina President Milei Disappoints Some Bitcoiners as Crypto Registration Rule Begins

The nation unveiled a mandatory registration process for cryptocurrency platforms.

www.coindesk.com

 

[crypto]

FYI.

Argentina Regulator: We Want to Work With Crypto Firms to Police Industry

Argentina’s top financial regulator wants to “work together” with the nation’s crypto industry as it steps up its control over the sector.

cryptonews.com

 

[Nasdaq]

I don't think this is bad news. Many thought Milei would be all in on crypto. He is cozy with the USA now.

https://www.theblock.co/post/287008/argentinas-dreams-of-greater-crypto-adoption-imperiled-by-new-regulation-mileis-shifting-rhetoric

 

[enbits]

Does it strike some of you that Milei is a so called anarcho capitalist and he is trying to raise income taxes. I thought he was going to try to get rid of them. I thought he was for less regulation. Now saying cyptos are securities. Strange interpretation of being a liberalist.

I don't think, given the economic situation, that govt could reduce taxes now... it's like Simcity: if you lower the taxes too much at the beginning you end up bankrupt, you need economical grow first. Let's wait a couple of years, you can't undo 100 years of bad economic practices in 100 days.

 

[Flamingo]

I don't think, given the economic situation, that govt could reduce taxes now... it's like Simcity: if you lower the taxes too much at the beginning you end up bankrupt, you need economical grow first. Let's wait a couple of years, you can't undo 100 years of bad economic practices in 100 days.

Milei has one hell of an experiment. Let's see if it is successful. I have my doubts. Saw the news today he wants to spend money and support Ukraine. 🤣🤣🤣🤣🤣

 

[crypto]

Hopefully Argentina makes progress with digital currencies like El Salvador.

https://twitter.com/x/status/1795040012607635760

 

[crypto]

Is anyone else disappointed with President Milei's stance on bitcoin. I mistakenly assumed we would have more progress. Hopefully that changes.

Milei Is Not Moving Argentina Towards Bitcoin

There has been a surge of misleading information regarding Javier Milei and his stance on bitcoin. Milei’s administration is not pushing for a bitcoin standard.

www.forbes.com

 

[Jordan]

Is anyone else disappointed with President Milei's stance on bitcoin. I mistakenly assumed we would have more progress. Hopefully that changes.

Milei Is Not Moving Argentina Towards Bitcoin

There has been a surge of misleading information regarding Javier Milei and his stance on bitcoin. Milei’s administration is not pushing for a bitcoin standard.

www.forbes.com

Yes, I am very surprised crypto is not more utilized here. I thought it would get faster adoption here in Argentina under Milei but doesn't seem like it.

Will Milei’s policies help or hinder Argentina’s crypto ecosystem?

A history of high inflation and currency controls can explain the popularity of digital currencies in Argentina, where many bypass the national currency altogether using cryptocurrencies via electr…

blogs.lse.ac.uk

 

[lovelyM]

Blanqueo de capitales: cómo pueden ingresarse el Bitcoin y otras criptomonedas

La reglamentación exige que los activos se encuentren depositados dentro de alguno de los Proveedores de Servicios de Activos Virtuales (PSAV) registrados en la Comisión Nacional de Valores

www.infobae.com

I think this measure could be positive for the country as it promotes a more transparent, regulated economy that is attractive to both local and international investments. However, the effectiveness will depend on how it is implemented and enforced, which will be a difficult task.

 

[crypto]

Blanqueo de capitales: cómo pueden ingresarse el Bitcoin y otras criptomonedas

La reglamentación exige que los activos se encuentren depositados dentro de alguno de los Proveedores de Servicios de Activos Virtuales (PSAV) registrados en la Comisión Nacional de Valores

www.infobae.com

I think this measure could be positive for the country as it promotes a more transparent, regulated economy that is attractive to both local and international investments. However, the effectiveness will depend on how it is implemented and enforced, which will be a difficult task.

I SERIOUSLY doubt you will get many people interested in declaring their crypto. Aint no way.

 

[enbits]

I SERIOUSLY doubt you will get many people interested in declaring their crypto. Aint no way.

Specially because is not a currency and is not owned by any goverment or banking entity: it's a sovereign store of value so having goverments telling people to declare bitcoin could be considered a violation of human rights. This really pisses governments and banking corporations a lot XD.

 

[crypto]

Specially because is not a currency and is not owned by any goverment or banking entity: it's a sovereign store of value so having goverments telling people to declare bitcoin could be considered a violation of human rights. This really pisses governemnts and banking corporations a lot XD.

Exactly correct @enbits. People in bitcoin in Argentina are in it because they do NOT trust the government and want privacy. No way Argentines with bitcoin are going to declare it. It's one thing if cash is already in a US bank. But bitcoin and crypto is totally different.