On May 4, 2023, the Central Bank of Argentine Republic (“BCRA”), by means of Communication “A” 7759 (the “Communication”) provided that Payment Service Providers that offer payment accounts (“PSPCP”) may not carry out or facilitate to their clients the execution of transactions with digital assets -including cryptoassets and those whose yields are determined based on the variations they register- that are not authorized by a competent national regulatory authority or by the BCRA.
Through the press release published on its website, the BCRA, established that PSPCPs will not only not be able to carry out transactions with digital assets on their own, but also will not be able to offer the initiation of such transactions from applications or web platforms.
In that regard, and with the purpose of clarifying concepts, the BCRA clarified the meaning of ‘offer or facilitate’, defining it as the availability of automated purchase buttons for the user and emphasized that individuals must carry out the operation on their own account.
The measure implemented by the BCRA aims to reduce the risks that transactions s with these assets could generate for both financial services users and the national payment system
Correspondingly, It also establishes an equalization of the rules to be followed by PSPCPs with financial institutions, since it should be recalled that the latter have been subject to a similar restriction since May 2022, communicated through Communication “A” 7506.
Access the full text of the Communication here.
This publication does not constitute a legal opinion on specific issues. If necessary, specialized legal advice should be sought.
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