Argentina has created a hub for cryptocurrency startups

An innovation hub will be regulated by the country’s National Securities Commission (CNV)

22.04.2022 - 12:30

326

1 min

What’s new? Argentina has created an innovation hub to support startups in the field of financial technologies and cryptocurrencies. The hub will operate under the supervision of the country’s National Securities Commission (CNV), its goal is to ensure that companies communicate with Argentine regulatory authorities at an early stage, local outlet El Cronista reports. The regulator said that the hub is designed to “encourage and promote the interaction of innovative entities that intend to operate in Argentina.”

El Cronista’s material

More details about the hub. Companies wishing to enter the innovation hub must submit an application with a detailed development plan for the project. Workshops and meetings with regulators will be organized for the representatives of selected startups for “support sessions.” CNV stressed that the new hub will “reduce the time for companies to enter the technology market and ensure compliance with the Argentine regulatory framework,”

What had happened before? In Argentina, all cryptocurrency organizations will be obliged to comply with the anti-Money laundering (AML) law. It will also be mandatory for crypto companies to implement a know your customer (KYC) system.

The communal chief of Serodino of Argentina’s Santa Fe Province, Juan Pio Drovetta, announced that the authorities plan to purchase a cryptocurrency mining farm. This initiative was adopted to fight inflation.

Author: