Overview
Argentina's VASP Regulatory Landscape
Argentina formalized its VASP regulatory framework in 2024 through amendments to Law 25.246 (Anti-Money Laundering) designating the Comisión Nacional de Valores (CNV) as the supervisory body for virtual asset service providers. This followed FATF's 2023 mutual evaluation of Argentina, which identified gaps in the country's VASP oversight and prompted legislative action.
The Argentine market is extraordinary for crypto: the country ranks among the world's highest for per-capita crypto adoption, driven by a volatile peso, high inflation (historically exceeding 100% annually), and longstanding restrictions on USD access under the "cepo cambiario." For many Argentines, stablecoins like USDT function as de-facto savings accounts. This creates enormous demand for regulated, trustworthy VASP services.
The CNV VASP registration (Registro de Proveedores de Servicios de Activos Virtuales — PSAV) requires entities to demonstrate adequate governance, AML/CFT compliance, and technological infrastructure. Importantly, there is no fixed minimum capital, though CNV assesses financial adequacy on a case-by-case basis.
The Unidad de Información Financiera (UIF) remains the AML intelligence authority and must be separately registered with. The Central Bank (BCRA) also exercises oversight where crypto activities overlap with payment services or fiat money transmission.
Currency Controls Awareness
Argentina's capital controls ("cepo cambiario") affect how VASPs can move funds between Argentine pesos and foreign currencies. Operators must navigate BCRA regulations on foreign exchange in addition to CNV's VASP requirements. Legal counsel familiar with both regimes is strongly recommended.
Registration Categories
CNV VASP Registration Types
The CNV PSAV registry encompasses various virtual asset activities. Operators must register for each category of service they intend to provide.
| VASP Category | Activities | CNV Oversight | Also Involves |
|---|---|---|---|
| Exchange (Intercambio) | Crypto-to-fiat and crypto-to-crypto trading | Full supervision | UIF registration mandatory |
| Custody (Custodia) | Wallet management and private key custody | Full supervision | UIF + cybersecurity standards |
| Transfer (Transferencia) | Virtual asset transfers and payments | Full supervision | BCRA may apply for fiat legs |
| Token Issuance (Emisión) | Issuance of virtual assets / token sales | Securities analysis required | May require separate securities registration |
Requirements
CNV VASP Registration Requirements
Legal Entity
Argentine SA or SRL
Sociedad Anónima or SRL incorporated under Argentine law
Capital Adequacy
CNV-assessed (no fixed min.)
Must demonstrate adequate funding for planned operations
UIF Registration
Mandatory — Separate Process
Register as Obligated Subject under UIF Resolution 300/2014
AML/CFT Manual
Full Documented Program
Risk matrix, CDD procedures, STR filing protocols, PEP screening
Compliance Officer
Designated MLRO + Compliance
Argentine resident preferred; responsible to UIF and CNV
Technology Security
Cybersecurity Framework
Key management, cold storage policy, business continuity plan
Fit & Proper
Directors + 20%+ Shareholders
Criminal background checks, financial history, no regulatory sanctions
Consumer Protection
Terms & Disclosures Required
Risk disclosures, complaint procedures, CNV-compliant onboarding
Process
Registering as an Argentine VASP
1
Establish Argentine Legal Entity
Incorporate a Sociedad Anónima (SA) or Sociedad de Responsabilidad Limitada (SRL) in Argentina. Engage an Argentine notary (escribano) and register with the Inspección General de Justicia (IGJ) or relevant provincial registry. Obtain a CUIT (tax ID), open a local bank account, and establish a domicilio comercial. This step often takes 4–8 weeks due to Argentine bureaucratic processes.
4–8 weeks
2
Register with UIF as Obligated Subject
Separately register with the Unidad de Información Financiera (UIF) as a PSAV (Proveedor de Servicios de Activos Virtuales). Designate an AML compliance officer responsible to the UIF. Implement the UIF's prescribed AML/CFT program and ensure your team is trained. UIF registration is a prerequisite for the CNV application.
2–4 weeks
3
Prepare CNV Application Package
Compile all required documentation for the CNV PSAV registry: corporate documents, AML/CFT manual, business plan and financial projections, technology and security documentation, fit-and-proper declarations for all directors and 20%+ shareholders, and a description of services to be offered. Engage local legal counsel experienced in CNV regulatory filings.
3–5 weeks
4
File CNV PSAV Registration
Submit the PSAV registration application through the CNV's online portal. Pay the applicable registration fees. CNV will review for completeness and may request additional documentation or clarifications (requerimientos). Engage proactively with the CNV case officer to resolve any queries promptly and avoid delays.
6–10 weeks
5
Receive Registration and Launch Operations
Upon CNV approval, receive your PSAV registration certificate. You are now authorised to operate as a VASP in Argentina. Publish required disclosures on your platform, implement ongoing UIF reporting (including annual compliance reports and suspicious transaction reports), and prepare for CNV periodic inspections. Registration must be renewed annually.
1–2 weeks
Costs
Argentina VASP Registration Cost Breakdown
| Cost Item | Details | Estimated Cost |
|---|---|---|
| Company Formation (SA/SRL) | IGJ registration, notary fees, initial capital contribution | $2,000–$6,000 |
| CNV Registration Fees | PSAV registry fee (set by CNV regulation) | $1,000–$3,000 |
| UIF Registration | UIF onboarding as Obligated Subject | $500–$1,500 |
| Legal Counsel | Argentine regulatory counsel, document preparation, CNV liaison | $15,000–$40,000 |
| AML/CFT Framework | UIF-compliant AML manual, compliance officer setup | $8,000–$20,000 |
| Tax Registration & Accountant | CUIT, IIBB (ingresos brutos), ongoing Argentine tax compliance | $3,000–$8,000/yr |
| Local Office & Staff | Buenos Aires office space, local compliance staff | $12,000–$30,000/yr |
| Estimated Total (Year 1) | Formation, registration, legal, compliance setup | $41,500–$108,500 |
FAQ
Frequently Asked Questions
The Comisión Nacional de Valores (CNV) regulates VASPs in Argentina following its designation as the competent VASP supervisory authority under 2024 amendments to the Anti-Money Laundering Law (Law 25.246). The Central Bank (BCRA) oversees payment service providers and exercises concurrent jurisdiction where stablecoin or fiat payment activities are involved. The Unidad de Información Financiera (UIF) remains the AML/CFT intelligence and enforcement authority.
Argentina's CNV VASP registration does not prescribe a fixed minimum capital threshold. However, applicants must demonstrate adequate financial resources proportional to the scale of their operations. CNV evaluates capital adequacy on a case-by-case basis and may impose specific capital conditions during the review process, particularly for entities offering custody services where client assets are held.
The CNV VASP registration process typically takes 2–4 months for a complete, well-prepared application. Argentina's regulatory environment has evolved rapidly, and CNV is establishing operational precedents for the new VASP regime. Applicants should anticipate potential delays for policy clarifications, and should engage proactively with the CNV to resolve any queries. Company formation in Argentina can add another 4–8 weeks if not already established.
Foreign companies wishing to operate as VASPs in Argentina must register a local legal entity (sociedad anónima or SRL) and comply with all CNV and UIF requirements. A local representative and Argentine compliance officer are expected. Some foreign operators approach the market through a qualified local intermediary or joint venture, but ultimately a local entity is required for full CNV registration.
Argentine VASPs must register with the UIF as an Obligated Subject, implement a full AML/CFT program compliant with UIF Resolution 300/2014 (as updated for VASPs), conduct customer due diligence (CDD) and enhanced due diligence (EDD) for higher-risk customers, screen against PEP and sanctions lists, file Reportes de Operaciones Sospechosas (ROS — suspicious transaction reports) promptly, submit annual compliance reports to UIF, and maintain transaction records for a minimum of 10 years.
The CNV charges an initial application fee of approximately 50,000 ARS (around USD 300-400), plus ongoing annual supervisory fees that scale based on your trading volume and assets under management. Additional costs include legal counsel (typically 30,000-80,000 ARS), compliance officer salary, and banking relationship establishment fees, bringing total first-year costs to roughly 150,000-300,000 ARS. Renewal fees are considerably lower than initial registration costs.
Required documents include articles of incorporation, shareholder registry, curriculum vitae and background checks for all directors and compliance officers, detailed AML/KYC policies, technical security audit reports, proof of banking relationships, and audited financial statements for the previous two years. All documents must be notarized and submitted in Spanish; the CNV typically requests additional documentation during the 60-90 day review period.
No, you cannot legally offer crypto trading services in Argentina without an active CNV VASP registration. Operating without a license exposes you to significant regulatory penalties, potential criminal prosecution under Law 27,798, and forced business closure. Some operators use a limited license exemption for peer-to-peer transactions under 100,000 ARS, but this does not permit exchange operations.
Licensed VASPs must register with AFIP (Federal Tax Administration) and comply with standard corporate income tax of 35%, plus a 13% additional tax on distributed profits. Your VASP must file monthly VAT returns if applicable, and report customer transactions via the Financial Information System (SIF) monthly. Capital gains from your own crypto holdings are subject to personal income tax rates of 9-35% depending on your tax residency status.
Argentina offers faster approval timelines (90-120 days) and lower initial costs than Switzerland's FINMA process (6-12 months, 100,000+ CHF), but has stricter operating restrictions due to the CNV's recent regulatory stance. Malta and Switzerland provide clearer regulatory pathways for international expansion, while Argentina's license is primarily limited to domestic operations unless you hold additional licenses in other jurisdictions. Argentina offers the advantage of being the first regulatory framework in Latin America with full VASP licensing requirements.
The CNV provides 30 days notice before revocation and requires you to cease all customer-facing operations immediately while executing a wind-down plan approved by the regulator. During wind-down, you must return all customer assets within 90 days and maintain compliance with reporting requirements. Failure to comply results in personal liability for directors, potential criminal prosecution, and prohibition from re-entering the crypto industry for 3-5 years.
Major Argentine banks including Banco Santander, BBVA, and Galicia have established crypto-friendly policies for licensed VASPs, though each requires separate due diligence. Fintech-focused banks like Brubank and Ualá are more accommodating but may impose higher transaction fees and lower volume caps. Banking relationships typically require 30-60 days to establish and proof of CNV registration; expect account freezes if the CNV revokes your license.
Related Jurisdictions
Compare Latin American Crypto Licenses
◆ KEY METRICS
Argentina VASP Registration Requirements 2026
ARS 500,000
Minimum Capital Requirement
90–120 Days
Average Processing Timeline
ARS 45,000
Initial Registration Fee
21%
Corporate Income Tax Rate
CNV
Regulatory Authority
FATF Compliant
Full AML/CFT Framework
◆ PROCESS TIMELINE
CNV VASP Registration Roadmap
1
Week 1–2
Pre-Registration Documentation
Prepare corporate documents, AML/CFT policies, ownership structures, and comply with CNV disclosure requirements
2
Week 3–4
Formal Application Submission
Submit PSAV registry application to CNV with ARS 45,000 fee and all supporting documentation via official portal
3
Month 2–3
CNV Initial Review & Queries
CNV conducts preliminary compliance checks; expects clarifications on governance, beneficial ownership, or operational procedures
4
Month 3–4
On-Site Inspection & Final Assessment
CNV may conduct facility inspection and final compliance assessment; confirmation of ARS 500,000 minimum capital
5
Month 4
PSAV Registration & License Issuance
CNV issues formal VASP registration certificate; operator added to public PSAV registry and authorized to commence operations