On March 14, 2025, the National Securities Commission (“CNV”) issued General Resolution No. 1058/2025 (the “Resolution”), which introduces a new regulatory framework for Virtual Asset Service Providers (“VASP”). This regulation modifies the initial draft of General Resolution No. 1025/2024 and complements the provisions of General Resolution No. 994/2024, consolidating the regulation of the sector in Argentina.
The resolution establishes that foreign entities operating directly in Argentina will also need to register and, as a new requirement, create a local company under Article 123 of the General Companies Law (“LGS”) or register in accordance with Article 118 of the same law. The registration exception remains for individuals with a transaction volume below 35,000 UVAs.
Additionally, individuals who are residents and legal entities incorporated in Argentina, engaging in activities covered by Article 4 bis of Law No. 25,246, will be required to register with the CNV. These activities include the exchange between virtual assets and legal tender, the exchange between different virtual assets, the transfer of virtual assets, the custody or management of virtual assets or their control instruments, and the provision of financial services related to the offering or sale of virtual assets.
The registration with the CNV must be completed before beginning operations and must include information on representatives, financial solvency, tax compliance, and anti-money laundering regulations. Unlike the previous draft, the Resolution stipulates that entities incorporated in Argentina must adopt the form of a corporation or limited liability company, excluding simplified joint-stock companies (SAS), which will be required to modify their corporate structure.
VASP activities are grouped into five categories: exchange between virtual assets and legal tender, exchange between different virtual assets, transfer of virtual assets, custody or management of virtual assets or control instruments (except for non-custodial services), and financial services related to the offering and sale of virtual assets. Legal entities can operate in all categories, while individuals are limited to the first two.
New minimum net worth requirements are established in U.S. dollars, differentiated by category: USD 150,000 for categories 1, 2, and 4; USD 75,000 for category 3; and USD 35,000 for category 5. If the transaction volume or assets held in custody over the last 12 months is below USD 2,500,000, the requirement is reduced by half.
Regarding auditing and security, the external audit requirement for systems is removed, and instead, a report signed by a competent professional is required, registered in the minutes book of the company’s governing body. Additionally, key obligations are introduced, such as verifying identity and the origin of funds (“Know Your Customer”) and prohibiting the offering of services that hinder transaction traceability.
Regarding advertising and promotion, deceptive advertising and the promotion of unregulated financial activities are prohibited. Furthermore, VASPs cannot offer virtual assets considered negotiable securities without explicit authorization from the CNV.
VASPs must submit periodic reports: monthly reports detailing the number of clients, traded volume, and the most traded assets; and annual reports, including system audits and audited financial statements. The first monthly report must be submitted in November 2025, and the first annual report in 2026.
These provisions strengthen the regulation of VASPs in Argentina by setting clear requirements for registration, capital, auditing, and transparency. The goal is to bolster trust in the virtual asset market and ensure its operation within a regulated framework that provides greater security to users and the financial system as a whole.
The adaptation deadlines vary depending on the type of entity: individuals must register before July 1, 2025, national entities before August 1, 2025, and foreign entities before September 1, 2025. In the meantime, registration applications will remain suspended until May 26, 2025.
This Resolution will enter into force on April 28, 2025.
