The world of cryptocurrencies in Argentina has just received a significant regulatory turn. The National Securities Commission (CNV) published Resolution No. 1058/2025, a regulatory framework that seeks to order the ecosystem of virtual asset services (PSAV), term with which Bitcoin (BTC) and cryptocurrency exchanges, and other related platforms are officially designated.
This step, which meets the mandate of Law No. 27,739, marks a before and after in the way in which these entities will operate in the country, imposing strict requirements ranging from minimal net assets to detailed codes of conduct.
But what exactly does the regulatory document say and what could be its impact on the PSAV that already operate in that country? We explore the implications of these regulations, reviewing the official text of the resolution available in the Argentine government portal.
A mandatory registration to operate
The heart of Resolution No. 1058 is the establishment of the Registry of Virtual Assets Services Suppliers. According to article 1, every human or legal person, whether Argentina or foreign, who offers services such as exchange, transfer, administration or custody of virtual assets in the country You must register in the PSAV register to legally operate.
This includes the popular Bitcoin Exchange, platforms that have gained ground in Argentina in the midst of an economy marked by inflation and exchange restrictions.
The PSAV registry was established in March last year, when, yielding to the pressures of the International Financial Action Group, the Government of Javier Milei, through the CNV, created a list of companies and natural people which offer financial services to cryptocurrency users in the country. To date, there are 146 entities, between natural and legal, registered with that regulatory body.
The CNV does not make distinctions: if a foreign exchange wants to capture Argentine clients, You must also submit to this requirementwhich could limit the entry of international actors who are not willing to comply with the new rules.
The registration process is not a mere administrative procedure. The resolution requires the presentation of a series of documents, such as the Manual of Procedures against Money Laundering and Financing of Terrorism, the organization chart of the company and even an affidavit about the absence of previous sanctions.
This level of detail suggests that the CNV seeks not only to identify market players, but also guarantee that They meet minimum standards of transparency and responsibility.
For smaller or emerging exchanges, this could represent a significant barrier, both for associated costs and for the need for more robust organizational structures.
Minimum net assets: a financial filter
One of the most striking aspects of the regulations is the requirement of a minimum net assets, stipulated in article 9. PSAV must maintain capital that CNV defines clearly.
This requirement has a double intention: on the one hand, ensure that platforms have solvency to operate and respond to possible problems; on the other, filter those actors who cannot demonstrate financial stability.
To define patrimonies, The resolution classifies the PSAV in 5 categories. In the first, the cryptocurrency and fíat exchanges enter. In the second, exclusive exchange platforms between cryptoactive. The third covers the virtual asset transfer platforms and the fourth, the companies that provide custody services.
In the fifth category, platforms that provide financial services related to the offer or sale of a digital asset by an issuer are contemplated. In these, those that provide services through platforms or mobile applications to emitters enter To carry out the initial offer of virtual assets and as a public medium of collection of funds for the financing of their projects. The CNV excludes the mere emission of cryptocurrencies from this category.
Also, the CNV stipulates that natural persons They can only carry out the activities provided for in categories 1 and 2.
The entity establishes that the PSAV of categories 1, 2 and 4 must have a minimum net worth equivalent to USD 150,000. For category 3, the amount is reduced to USD 75,000. And for the 5, the minimum net assets must be USD 35,000.
The CNV notes that the registered PSAV or the legal entity requesting its registration in the registry under two or more existing categories, «must meet the requirement of minimum net assets corresponding to the most demanding category.»
In a country where cryptocurrencies have been a refuge for many in the face of weight devaluation, this minimum net equity measure could reduce the amount of exchanges available, consolidating the market in the hands of larger companies or with greater economic support.
For users, This could translate into greater security when operating with regulated platformsbut also in a potential decrease in competition. Less competitors could mean less incentives to offer low innovative commissions or services, something that has been key in the mass adoption of Bitcoin and cryptocurrencies in Argentina.
In addition, exchanges who fail to meet this requirement will face the prohibition of operating, what could generate a small platform exodus Towards other markets or, in the worst case, its definitive closure.
Assets custody: Transparency as a priority
Another key point of the resolution is found in article 15, which forces the PSAV to act as cryptocurrency custodians, that is, that they are in category 4, to which Clearly detail how their customers’ assets protect.
This includes specifying whether they use cold wallets (offline) or hot (connected to the Internet), the security measures implemented and the procedures in case of loss or theft.
In addition, these entities They are obliged to make a description and general diagram of architecture where the structure of own Wallets and customers is identified together with a general scheme and subsquems of custody portfolios with the characteristics of each Wallet, and its function within the business operation.
In a global context where exchanges collapses such as FTX have left thousands of users without their funds, This demand responds to a real need to protect investors.
In article 16 of the resolution, it also establishes that companies that offer cryptocurrency custody They must segregate the funds and guarantee «a clear separation between the virtual assets of the PSAV, on the one hand, and the virtual assets of its clients, on the other.»
«The PSAV must ensure that such separation of assets is clearly established, individualized and updated in their internal record systems, in the operational accounts that have open in other PSAV and in the accounts or wallets in third parties of the different distributed records where they have active custody of their clients, as appropriate to the custody scheme that each PSAV uses.»
Codes of conduct and regulatory responsibility
The resolution is not limited to financial or technical aspects; It also introduces an ethical and operational approach. Article 25 requires the PSAV Prepare a code of conduct That contemplates conflict management, user protection and compliance with money laundering regulations.
This code must be approved by the CNV and periodically updated, which makes the exchanges in entities with active responsibility in self -regulation.
In addition, article 21 obliges the PSAV to designate a regulatory compliance responsible, a figure that will act as a link with the CNV and It will guarantee that the platform operates within the legal parameters.
This requirement, although reasonable from the perspective of control, It could be a challenge for smaller PSAVwhich often operate with reduced equipment.
The combination of these measures suggests that CNV not only wants to supervise, but also transform exchanges into more institutionalized actors, away from the disruptive character which historically has characterized the world of cryptocurrencies.
Defi platforms, outside the radar
A crucial detail of resolution No. 1058 is its limited scope. According to article 1, decentralized finance platforms (defi), which operate without human intermediaries through intelligent contracts, They are explicitly excluded from this regulation.
This reflects both a practical limitation – the difficulty of regulating entities without a centralized structure – as a strategic decision of the CNV to focus on traditional actors in the cryptocurrency marketlike centralized exchanges.
For defi users in Argentina, this means that platforms such as Unisswap or AAVE They will continue to operate in a regulatory limbofree of the demands imposed on the PSAV. However, it also implies that they will not have the protections that regulations seek to guarantee, such as safe custody or financial support.
This contrast could divide the Argentine cryptocurrency market into two worlds: one regulated and safer, but potentially less agile; and another decentralized, more risky, but with greater operational freedom.
Sanctions and deadlines: time urges
The resolution not only establishes rules, but also consequences. Article 40 empowers the CNV to impose sanctions ranging from fines until the disqualification of the PSAV that do not comply with the regulations.
In addition, article 19 sets a term of 90 to 120 days from the publication of the resolution – that is, until mid -August and September 2025— so that existing platforms are registered in the registryalthough full entry is scheduled for December 31, 2025.
This schedule gives an adaptation margin, but also puts pressure on the exchanges to quickly restructure.
Long -term implications
Resolution No. 1058 of the CNV is an ambitious attempt to balance innovation and protection in a market that has grown exponentially in Argentina. For Bitcoin exchanges, it means a radical change: to operate in a relatively lax environment to undergo a strict regulatory framework.
This could strengthen the confidence of institutional investors and cautious users, But also risk drowning the smallest platforms and limit the diversity of the cryptocurrency ecosystem in that country.
In a country where cryptocurrencies have been a key tool to overcome economic crises, regulation could be a double -edged sword. On the one hand, it offers guarantees that could attract more people to the world of cryptocurrencies; on the other, imposes barriers that could stop innovation and accessibility.
While exchanges prepare for this new scenario, users must decide whether they prefer the security of the regulated or the freedom of the decentralized. In any case, Resolution No. 1058 Mark the beginning of a more controlled chapter for cryptocurrencies in Argentina.