The Argentina Securities Commission (CNV) approved General Resolution No. 1058 establishing the regulatory framework for Virtual Asset Service Providers (PSAVs), under the mandate in Law No. 27.739 and following a prior public consultation. The regime conditions the ability to operate in Argentina on meeting registration and ongoing compliance requirements, and clarifies that the CNV regulates PSAVs rather than virtual assets themselves, except where a virtual asset is a publicly offered negotiable security. The rules set principles and operating parameters for PSAVs, covering registration, cybersecurity and information security policies, prudential and operational requirements for custody of virtual assets, account segregation, anti-money laundering controls, risk disclosure and ongoing reporting while registered. They also require disclosure of agreements with third parties and address client referral arrangements, including the possibility of agreements with registered capital markets agents to refer clients subject to conditions. Registered PSAVs may delegate certain functions to head offices or third parties in Argentina or abroad while retaining full responsibility; the CNV may suspend or revoke registrations for non-compliance, non-registered providers may be blocked in Argentina by court order, and annual audits of systems and prevention-compliance are required. For PSAVs already registered when the resolution enters into force, the CNV set deadlines to adapt to the new provisions and maintain registration: natural persons by 1 July 2025, locally incorporated legal entities by 1 August 2025, and foreign legal entities by 1 September 2025, including those that choose to incorporate locally under Article 123 of Law No. 19.550 by 1 September 2025. The CNV stated that the regulation in full will enter into force on 31 December 2025.

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