Mired in the Red Zone, Following is ABBC Coin's Crypto Performance Today, April 3 2024

Previously it was reported that, after several months of welcoming its new president Javier Milei, Argentina would issue additional regulations regarding crypto assets.

According to Forbes, Tuesday (2/4/2024) the Comisión Nacional de Valores in Argentina at the end of March 2024 announced a new Mandatory Registration of Virtual Asset Service Providers for those operating with crypto assets in the country.

Companies and individuals carrying out digital asset transaction activities will now be required to comply with the registration approved on March 14 by the Argentine senate, as part of amendments to the current regulatory framework in response to the recommendations of the Financial Action Task Force.

These new requirements will affect businesses dedicated to providing multiple services, such as buying, selling, sending, receiving, lending, or trading crypto.

Every crypto service provider in Argentina will also be required to complete its registration, and these regulations will not only apply to locally based companies but also to companies operating outside the country.

“Those (digital asset companies) who are not registered will not be able to operate in this country,” said CNV President Roberto E. Silva.

Following the announcement, the securities watchdog participated in meetings with Argentina's main law firms and Fintech chambers regarding the implementation of the Registry, with several local company representatives participating.

According to Chainalysis' Top 20 Global Crypto Adoption Index, Argentina is the 15th largest cryptocurrency market in the world.

The impact on the Argentinian market is still unknown following the latest regulations, but users can rest assured that these new regulations will not have an immediate impact on them.