New Regulation for Virtual Asset Service Providers

On March 12, 2025, the Argentine Securities Commission (CNV) issued General Resolution (GR) 1058, extending the regulatory process for Virtual Assets Service Providers (VASP), which had initially been set out in GR 994/2024 (you can read our article here). This new resolution follows RG 1025/2025, which had submitted the regulation for public consultation (you can read our article here).
 

RG 1058 establishes general rules of conduct, along with specific conditions that VASP must comply with to carry out their activities. According to the most important updates, RG 1058:
 

1. defines different VASP categories, along with minimum asset requirements for each;
2. requires VASPs to adopt a corporate form as either a corporation or a limited liability company;
3. establishes that foreign legal entities may register as VASP before the CNV through a company established in Argentina in following article 123 of the General Companies Law (LGS), or by establishing a branch or any other form of permanent representation, in accordance with LGS article 118;
4. establishes specific requirements regarding the segregation of virtual assets and fiat currency funds;
5. includes provisions to prevent money laundering and terrorist financing, as well as obligations related to integrity and transparency;
6. sets out requirements for advertising and disclosing the risks associated with virtual assets,
7. governs the signing of agreements between VASP and third parties for integrating operations or delegating functions inherent to their activities; and
8. determines that VASPs may refer clients to agents registered under the Capital Markets Law and vice versa. VASPs may also be referred to by third parties established in Argentina or abroad, including their parent company or economic group. In all cases, the referral must be formalized through an agreement.
    

VASPs registered in the CNV VASP Registry before May 22, 2025 will have different deadlines to comply with the new provisions and maintain their registration. These deadlines will vary depending on whether the VASP is an individual, a legal entity incorporated in Argentina, or a legal entity incorporated abroad. The registration procedures will be suspended until that date.

The resolution will come into effect on May 22, 2025, and the entire regulation will be implemented from December 31, 2025.