This article is from es.cointelegraph.com and the original article can be read here
The National Securities Commission of Argentina, as the regulatory body of capital markets of the South American country, has created a space for crypto companies and fintech companies to register and together they can achieve the development of financial services projects in a regulated way.
The initiative was presented by the president of the National Securities Commission, Adrián Cosentino, the director, Marín Breinlinger, and the deputy manager of Investor Protection and Financial Education, Ricardo Lazzari, as one of the work axes of the commission’s Fintech Table.
The idea is that the companies can dialogue with the body familiarize themselves with all the legal and regulatory requirements that entail investments in capital markets, increasing the lapses that are currently taken between the adequacy of financial companies for legal requirements.
This measure may be related to the bill that has been proposed in the parliament of that country for the payment of the external debt that it maintains with the International Monetary Fund, in which, among the actions to be followed, is charging a tax to people who have crypto assets or who have generated profits outside the country, They must also pay a tax that will be taken to a fund for the payment of said debt.
This tax would be added to the income tax that is currently applied on transactions that converge in crypto assets.
In this sense, the director of the organization said: “We are being proactive in the context of the emergence of crypto assets and fintech, to work together with the sector and generate a regulatory and policy framework in this regard.”
The inclusion proposed by the National Securities Commission for the inclusion of these projects, is through this “hub” that encloses the accompaniment of the regulatory entity with the companies that are dedicated to financial investments, in this way the regulation of the capital market is more effectively driven from a public and private sphere, with the intention of increasing the confidence of investors in an ecosystem as volatile as cryptocurrencies, but at the same time, have the support of a traditional stock market ecosystem that protects investments and prevents money from being used for capital flight, money laundering, or investor scams.
Interested parties will start the process through the web by presenting their projects and filling out the participation forms available in the Innovation Hub, which will later be evaluated by the Fintech Roundtable, and that this accompaniment will be for at least 12 months counted from the acceptance of the project. Then the National Securities Commission will issue a non-binding opinion that will indicate what are the regulatory requirements involved in the implementation of the project, the limits set by the current regulation for the operation, and the possible risks associated with the project.
In this sense, director Breinlinger indicated that: “The idea of this initiative is to give a tool to innovative projects that want to navigate regulation, and at the same time understand what business models there are in Argentina, associated risks and benefits, so that on that basis we can build regulation that contributes to responsible innovation”.
The National Securities Commission tries to help build a capital market that integrates the current development of technologies, and thus benefit investors and users of financial services based on this type of changing business.