is a concise overview of the legal and regulatory framework governing Fintechs, Payment Services Providers (PSPs), and Virtual Asset Service Providers (VASPs) in Argentina:
General Framework & Regulators
Regulatory Authorities: Fintech operations in Argentina are primarily governed by the Central Bank of the Argentine Republic (BCRA) for payment systems and credit, and the National Securities Commission (CNV) for virtual assets and capital markets. Anti-Money Laundering (AML) compliance across all entities is overseen by the Financial Information Unit (UIF).
Open Banking & Interoperability: BCRA regulations mandate interoperability for QR codes and digital wallets, facilitating instant account-to-account (CBU/CVU) transfers across bank and non-bank financial entities.
Payment Services Providers (PSP / PSPCP)
Registration & Oversight: Entities providing payment services or managing payment accounts must register in the BCRA's Registry of Payment Services Providers (PSP).
Fund Custody & Safeguarding: PSPs that offer payment accounts (PSPCP) are prohibited from investing or lending user funds. 100% of customer funds must be held in demand deposit accounts at licensed Argentine commercial banks, completely segregated from the PSP's corporate assets.
Capital & Governance Requirements: BCRA mandates minimum capital requirements, mandatory reporting, IT infrastructure standards, operational risk management, and strict compliance with AML/CFT guidelines.
Virtual Asset Service Providers (VASP / PSAV)
Mandatory CNV Registry: Under Law No. 27,739 and CNV Resolution No. 994, any natural or legal person operating as a Virtual Asset Service Provider (VASP/PSAV) in or targeting the Argentine market must register in the CNV’s Registry of VASPs prior to conducting operations.
Scope of Activities: Registration applies to entities performing crypto-to-fiat exchanges, crypto-to-crypto exchanges, transfers, custody/administration of virtual assets, or provision of financial services related to an issuer’s offer/sale of virtual assets.
AML/CFT Obligated Entities: VASPs are designated as "Obligated Entities" (Sujetos Obligados) before the UIF, requiring them to implement Know Your Customer (KYC) policies, transaction monitoring, Suspicious Transaction Reports (STRs), and adhere to the FATF/GAFI Travel Rule for crypto transfers.
