The government of Argentina has commenced the enforcement of regulations for cryptocurrency exchanges to operate lawfully within the nation. The Comisión Nacional de Valores (CNV), Argentina’s securities regulator, has declared that providers of virtual asset services must comply with recommendations from the Financial Action Task Force (FATF). To bolster Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) efforts, specific companies offering crypto-related services are mandated to register with the Argentine government.

Roberto Silva, the President of CNV, stressed that virtual asset service providers failing to register "will not have permission to function in the country." The enactment of these laws impacting crypto providers in Argentina gained traction following the approval of modifications by the country’s senate on March 14, aimed at curbing money laundering and terrorist financing. The proposed alterations to Argentina’s laws concerning crypto users were reportedly introduced prior to Javier Milei assuming the presidency in November 2023.

Milei was lauded by numerous cryptocurrency enthusiasts back then for his seemingly favorable stance on Bitcoin. Nevertheless, the introduction of FATF requirements has sparked concerns about the future of digital assets in Argentina.

The repercussions of these requirements on businesses operating in Argentina and customers looking to utilize their services remain uncertain. Strike, a well-liked app in Argentina for facilitating Bitcoin payments through the Lightning network, has purportedly deactivated the option for locals to transfer fiat to bank accounts.