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Central Bank of the Republic of Argentina prohibits financial institutions from engaging in digital asset transactions

On May 5, 2022 the Central Bank of the Republic of Argentina (“CBRA“), by means of Communique “A” 7506 (the “Communique“), established that financial institutions may not carry out or facilitate to their customers the execution of transactions with digital assets -including cryptoassets and those whose performances are based on the variations they register- that are not authorized by a competent national regulatory authority or by the CBRA.

The regulation issued by the CBRA, through the Communique is framed within the rules on Complementary Services of the financial activity and permitted activities. It is worth mentioning that recently the CBRA together with the National Securities Commission issued an alert where cryptoassets are defined as a digital representation of value or rights that are transferred and stored electronically by means of Distributed Ledger Technology (DLT) or other similar technology.

Access the full text of the Communique here.

This publication does not constitute a legal opinion on specific issues. If necessary, specialized legal advice should be sought.

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