The challenge is no longer just to grow, but to do so within a regulatory framework that does not stifle creativity. Amid the advance of new regulations, leaders of Argentina’s cryptocurrency ecosystem are warning that the country is facing a crossroads: Well-designed regulation can strengthen Argentina center Regionally, but excessive regulations and taxes would slow its development and stifle the companies that promote it.
The sector’s growth in the past decade was one of the highlights during the Latin American Bitcoin and Blockchain Conference (LABITCONF), the region’s longest-running sector event, which took place in Buenos Aires last Friday and Saturday. There, Ricardo Mihura, a tax lawyer and partner at RDA Legal Abogados, noted that “the cryptocurrency ecosystem has grown in Argentina in the last 10 years, in a very strong way.” “When the CNV came to regulate PSAVs last year, there were already many exchanges (digital platforms where cryptocurrencies are bought, sold or exchanged) and companies that, with a lot of courage and creativity, were operating and gaining the trust of their audiences, users and customers,” he added.
This expansion has placed Argentina among the countries with the highest adoption of cryptocurrencies worldwide. “We see continued growth in the industry, but also a lot of growth potential,” Andres Ondara, Managing Director of Binance Argentina, confirmed to LA NACION. In the same vein, Julian Colombo, General Manager of Bitso Argentina, highlighted that in parallel with growth, Interviewer Or global cryptocurrency regulatory centers, to which people have begun to look to find common standards, something that has “generated disagreements with traditional players in each country, such as banks and insurance companies.”
Specialists agreed that the development of the sector repeats a common pattern in other major technological transformations. Pablo Casadio, co-founder and CFO of Bit2Me, compared this process to what happened in the field of solar energy or the Internet: “First came the exploration phase, where the pioneers appeared who paved the way; Purely B2B2C.
After this stage of maturity, today’s ecosystem faces a turning point characterized by regulation. Experts agree that the industry is at a critical moment: although Argentina is ahead of other countries, it is… Regulators are still struggling to understand the concept of decentralization. “We are in a time where regulation can be helpful or it can be the beginning of something very bad,” Colombo summed up. He added: “Success or failure will depend on the extent of flexibility and flexibility of the authorities.”
Moreover, the landscape is tinged with uncertainty. Mihura explained, “The most advanced in regulation are the Europeans, with the MICA law, which came into force a year ago, but We don’t know which direction everything will go“As he warned The current framework leans toward more control: “They are converting Exchanges In the weak points of decentralization, because they are the places that governments exploit for supervision, data collection, and taxes. He added that previously, anyone could register the exchange, but with the latest regulatory demands, “today more requirements are being asked in Argentina, which has limited the emergence of new platforms.”
Despite these tensions, some actors see positive signs in the institutionalization process. Colombo emphasized that “the system has become institutionalized today, and we are no longer a fringe and crazy party to the system that they feared.” However, he warned that the regulator had reached a critical point: “There is a time to accompany us and allow the regulations to help the business or take another view and We see ourselves as another collection agent“From a tax point of view, the situation has become more unfavorable since then,” he added “the Exchanges They pay tax on checks, something they did not have to bear two years ago, and even banks do not pay it.”
The demand for a lower tax burden and more sector-adapted rules was a common theme among the speakers. “We need lower taxes and more regulation in line with this system: regulating cryptocurrencies is not the same as regulating cryptocurrencies,” said Casadio, who stressed the importance of distinguishing between different types of digital assets. stablecoins Or Bitcoin. We must help, we have a unique opportunity to make Argentina a leading country center Universal encryption.
The more optimistic view points to the organization that accompanies creativity and provides predictability. Ondara stressed that the rules must be dynamic and flexible: “This generates a regulated and secure ecosystem; thus, industry players know that if they are going to develop a product, they have regulation behind them, with support that will even lead them to continue generating other developments.”
Experts insisted that the focus should be on strengthening decentralization, not controlling it. “But this is not on the minds of the organizers at all,” Mihura warned. “They would rather talk to them Exchanges They are their point of contact with this phenomenon, an ecosystem they do not fully understand.
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