What does the new Argentine rules say about Bitcoin exchange?

The world of cryptocurrency in Argentina has just received considerable regulatory turns. The National Securities Commission (CNV) has published resolution No. 1058/2025. It seeks to officially specify a regulatory framework that seeks to order the ecosystem of virtual asset services (PSAV), Bitcoin (BTC) and cryptocurrency exchanges, and other related platforms (PSAV) ecosystems.

This step, satisfying the duties of Act No. 27,739, marks the front and back of the way these entities operate domestically and imposes strict requirements. It ranges from minimal net worth to a detailed code of conduct.

But what exactly is the regulatory document saying, and what is the impact on PSAVs already operating in that country? We investigate the implications of these regulations and review the official texts of resolutions available in the Argentine government portal.

Required registration for operation

The heart of Resolution No. 1058 is the establishment of a registry for virtual asset services suppliers. According to Article 1, all people or corporations, whether in Argentina or foreign, provide services such as the exchange, transfer, management or storage of virtual assets within the country. To operate legally, it must be registered in the PSAV register.

This includes the popular Bitcoin exchange. It is a platform that has acquired its position in Argentina during the midst of an economy characterized by inflation and exchange restrictions.

The PSAV Registry was established last March and was established through CNV, succumbing to the pressures of the international financial action group, Javier Mailey government through CNV. I’ve created a list of companies and nature Provides financial services to domestic cryptocurrency users. To date, there are 146 entities between nature and legal registered with that regulatory body.

CNVs do not distinguish. If Forex wants to acquire Argentine clients, You must also submit this requirementwhich could limit the entry of international actors who are not willing to comply with the new rules.

The registration process is more than just a management procedure. The resolution requires the presentation of a series of documents, including a manual on procedures for money laundering and terrorist financing, a company’s organizational chart, and even an affidavit regarding the lack of previous sanctions.

This level of detail suggests that CNV is seeking not only to identify market players, but to assure them. They meet minimum standards of transparency and responsibility.

For small or emerging exchanges, this could represent a critical barrier, both to the associated costs and to the need for a more robust organizational structure.

Minimum Net Asset: Financial Filter

One of the most prominent aspects of the regulations is the minimum net worth requirements set out in Article 9. PSAVs must maintain capital clearly defined by CNV.

This requirement has double intentions. On the other hand, make sure the platform has solvency to manipulate and deal with possible issues. The other filters out actors who cannot demonstrate economic security.

To define Aiyou, Resolution classifies PSAVs in five categories. First, you will get a cryptocurrency exchange. In the second case, an exclusive exchange platform between Cryptoactive. The third covers companies that provide virtual asset transfer platforms and fourth storage services.

The fifth category is considered a platform that provides financial services related to the provision or sale of digital assets by an issuer. These provide services to emitters through platforms or mobile applications. Perform the first offer for virtual assets and as a public medium for collecting funds for the funding of their projects. CNV excludes mere emissions of cryptocurrency from this category.

Additionally, CNV defines the natural person They can only perform activities offered in categories 1 and 2.

Entities establish that a minimum net worth is required for PSAVs in categories 1, 2, and 4 It is equivalent to 150,000 US dollars. For Category 3, the amount will be reduced to US$75,000. In five, the minimum net worth should be 35,000 USD.

CNV points out that entities requiring registration in the registry under a registered PSAV or two or more existing categories “must meet the minimum net worth requirements for the most demanding categories.”

In a country where cryptocurrency was evacuated to many in the face of weight devaluation, this minimal net stock measure can reduce the amount of exchanges available. Integrate markets with the hands of large companies Or with greater financial support.

For the users, This can lead to greater security when working on a regulated platformbut there is also a potential decline in competition. Fewer competitors could mean fewer incentives to provide innovative committees and services. This is important for the large-scale adoption of Argentine Bitcoin and cryptocurrency.

Furthermore, exchanges that do not meet this requirement face a ban on operations. Something that can generate small platform exits Towards another market, or, in the worst case, its decisive closure.

Asset custody: Transparency as a priority

Another important point of the solution can be found in Article 15. This will allow PSAV to act as a cryptocurrency custodian. In other words, it forces you to be in Category 4. It clearly explains how your client’s assets are protected.

This includes using a cold wallet (offline) or hot (connected to the internet), or specifying the security measures implemented, or procedures in the event of loss or theft.

Additionally, these entities They are obligated to create an explanation of the architecture and general diagrams Your wallet and customer structure is identified along with the general schemes and subkeys of a custody portfolio with the characteristics of each wallet, and along with its capabilities within business operations.

In a global context where exchanges such as FTX are falling apart, thousands of users have lost their funds. This demand addresses the real need to protect investors.

Article 16 of the resolution also establishes companies that provide custody of cryptocurrency. They have to separate the funds It ensures “clear separation between PSAV virtual assets, on the one hand, client virtual assets and on the other.”

“PSAV must ensure that such asset separation is clearly established, individualized and updated in third party accounts or wallets of various distributed records with active custody of the client, when such assets are suitable for operational accounts open in other PSAVs and for custody plans appropriate for the custody rights used by each PSAV.”

Code of Conduct and Regulatory Responsibility

Solutions are not limited to financial or technical aspects. It also introduces ethical and operational approaches. Article 25 requires PSAV Prepare a code of conduct This considers compliance with conflict management, user protection, and money laundering regulations.

This code must be approved by CNV and updated regularly. This will result in exchange With an entity that is proactively responsible for self-regulation.

Additionally, Article 21 requires PSAVs to designate responsible regulatory compliance that acts as a link to the CNV. Ensures that the platform operates within legal parameters.

This requirement is reasonable from a control point of view; That could be a challenge for smaller psavsoften work with less equipment.

The combination of these measures suggests that CNV not only wants supervision, but also wants to convert exchanges into more institutionalized actors. Get away from the destructive characters This has historically characterized the world of cryptocurrency.

Defi platform outside the radar

Important details of resolution number 1058 are limited. According to Article 1, a decentralized finance platform (DEFI) operated through intellectual contracts without human intermediaries is They are explicitly excluded from this regulation.

This reflects both practical limitations – the difficulty of regulating entities without a centralized structure as a strategic decision for CNV. Focus on traditional actors in the cryptocurrency marketlike a central exchange.

For Argentine Defi users, this is a platform like Unisswap and Aave. They will continue to operate within regulationsthere are no requests placed on PSAV. But that also means that there is no protection that regulations seek to ensure, such as secure custody or financial support.

This contrast could potentially divide the Argentine cryptocurrency market into two worlds. One is regulated and safer, but potentially less agile. Also, there is another decentralized, more dangerous, but greater operational freedom.

Sanctions and deadlines: the impulse of time

This resolution not only establishes rules, but also results. Article 40 allows CNVs to impose sanctions in the scope of the fine Until disqualification of PSAVs that do not comply with regulations.

Furthermore, Article 19 sets a period of 90 to 120 days after the publication of the resolution – that is, until mid-August and September 2025 – Therefore, existing platforms will be registered in the registrythe full entry is scheduled for December 31, 2025.

This schedule will give an adaptive margin, but we will also present it Apply pressure to replace immediately to rebuild.

Long term meaning

CNV Resolution No. 1058 is an ambitious attempt to balance innovation and protection in an exponentially grown market in Argentina. In the case of Bitcoin exchange, it means a fundamental change: working in a relatively loose environment Under strict regulatory framework.

This could strengthen the trust of institutional investors and prudent users. There is also the risk of owning the smallest platform It limits the diversity of the country’s cryptocurrency ecosystem.

In a country where cryptocurrencies are an important tool to overcome the economic crisis, regulations can become a double-surrounded sword. On the one hand, it offers guarantees that can attract more people to the cryptocurrency world. on the other hand, It imposes barriers that can stop innovation and accessibility.

While the exchange prepares for this new scenario, users must decide whether they prefer the security of regulated people or decentralized freedom. In any case, resolution number 1058 Mark the beginning of a more controlled chapter of Argentine cryptocurrency.