- Argentina’s Central Bank (BCRA) investigates companies involved in unauthorized crypto transactions.
- BCRA to file criminal charges against guilty crypto companies
Argentina’s Central Bank (BCRA) has started investigating companies that are allegedly involved in unauthorized crypto transactions. Specifically, the BCRA is now doing an inspection to determine if these nine fintech companies are conducting illegal financial intermediation using cryptocurrency. The BCRA does not disclose the company names.
BCRA further explained :
Through the law on financial entities, BCRA has the power to require information when a person or company is suspected of performing financial intermediation tasks.
Furthermore, BCRA will act accordingly if these nine fintech companies are found guilty of unauthorized financial intermediation. In other words, BCRA will immediately file criminal charges against the fintech companies that are involved. The criminal charges will be based on Article 310 of the Argentine criminal code.
In addition, guilty crypto companies in Argentina can suffer the disqualification of operations in the country. This penalty could last for up to six years with fines.
In other news, Argentina’s Federal Administration of Public Income (AFIP), has ordered local crypto exchanges and payment firms to give reports of their operations. This regulation intends to battle the increasing popularity of digital assets over Argentina’s Peso.