Argentina’s Financial Intelligence Unit (UIF) plans to make cryptocurrency exchanges and other companies comply with the anti-money laundering (AML) law.
Sources from the local Buenos Aires Times “directly connected to the case” say that the UIF regulator is going to add cryptocurrency service providers to the list of companies required to submit reports on AML procedures. Corresponding changes to the regulations should be adopted this year.
If the proposed amendments are approved, it will seriously change the way cryptocurrency companies operate in Argentina. Currently, companies offering services related to digital currencies are only required to file tax returns.
Requirements to comply with anti-money laundering laws are already in place in other countries. For example, the UK regulator has required cryptocurrency companies to report on AML compliance from March 2021. Recently, British law enforcement agencies called for compliance with similar requirements and services for mixing cryptocurrency transactions.
Source: Bits
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