Fintech Regulation Guide

Does your jurisdiction regulate Fintech services under the traditional Financial Services laws or does it have any ad hoc regulatory frameworks for fintech services? (Financial Services Laws/Ad Hoc Framework/Hybrid)

There is not any formal comprehensive law for fintech companies. Central Bank of Argentina (CBA) is empowered to regulate all payment systems, clearing and settlement houses, money remittance entities and cash-in-transit companies, and to carry out any other action related to the financial and foreign exchange sectors. Law 27,349 and local SEC (CNV) Resolution 217/17 regulate crowdfunding companies that operate on e-platforms.CBA requires some type of Fintech companies to register with it.

Make a list of fintech services that may obtain a licence in your jurisdiction? 

Fintech companies do not require any licence to operate, unless they do financial intermediation or operate in FX or are framed under the Crowdfunding Law. But, they must register with the CBA if they carry out the following activities:1 Payment Service Providers (PSPs) that offer payment accounts (e-wallets); or perform functions of initiation, administration of ATMs or electronic payment systems. 2 Non-financial credit providers; and Peer-to-Peer (P2P) Lending Platforms.

What is(are) the name(s) of the regulatory authority(ies) responsible to grant licences and regulate fintech service providers? If there is more than one, please list which fintech services are regulated by which authority.

Central Bank of Argentina for digital banks, PSPs, Non-Financial Credit Providers and P2P Lending Platforms and the Argentine Securities Commission for investors in venture capital under the Crowdfunding Law.

Are there any specific restrictions on the types of fintech services that can be offered in and/or from your jurisdiction?

Fintech companies must not do financial intermediation. Financial entities and PSPs that offer payment accounts may not operate or facilitate their clients to operate with digital assets (including crypto-assets and assets which yields are determined by the variations of crypto-assets) unless authorized by CBA, or the corresponding regulator. ICO may require prior registration and approval by CNV if they qualify as a public offering of a security.

Is reverse solicitation allowed in your jurisdiction, for fintech firms licensed in other reputable jurisidictions? (Meaning that a third-country fintech firm can offer services to clients in your jurisdiction providing its at the exclusive initiative of the client).

Reverse solicitation is not regulated in Argentina.

Are there any specific requirements for companies providing fintech services in your jurisdiction?

There are specific requirements for registered Fintech companies including KYC, AML prevention, data and consumer protection, and several administrative reporting regimes.

Are there any specific consumer protection measures that apply to fintech services in your jurisdiction?

There is an obligation to disclose transparent and accurate information with easily understandable information on restrictions and fees, along with fair contractual terms and a complaints’ handling procedure. Advertising guidelines includes provision of balanced information and usage of plain language. Additionally, firms must disclose key information, such as fees and risks, to enable consumers to take informed decisions.

Are there any other legal issues that companies should be aware of when providing fintech services in your jurisdiction?

Yes, such companies should be aware of laws and regulations on consumer protection rights, unfair business practices, foreign exchange controls, tax and AML and civil and commercial procedural rules ans case law for enforcement of electronic contracts.

Are virtual assets (such as cryptocurrencies and) permitted in your jurisdiction? (Yes/No)


If the answer is Yes, is there any licensing /authorisation/notification process that needs to be followed for a person to issue a new virtual asset? (Yes/No)


If the answer is Yes, please provide a summary of the process that needs to be followed by a person to issue a new virtual asset).

If such asset qualifies in any way as a security (e.g. a token), the issuer should register before the CNV and request the authorization to make a public offer of the security.

Are Virtual Asset service providers regulated in your jurisdiction? (Yes/No)


If the answer to your previous question is Yes, please provide a summary of the framework that regulates such service providers explaining which licence(s) need to be obtained from which authority(ies).


Are you as a firm providing services and advice relating to Virtual Assets? (Yes/No)


Please feel free to add any pertinent comments in addition to your answers.

Rule 4614/19 (federal tax agency):those who manage, control or process asset movements in electronic or digital management platforms, on behalf of human and legal persons, including PSPs that offer payment accounts, must report thereto the list of clients and the balance of their accounts.
Crypto-assets are taxed as follows: income generated and obtained out of transactions made with own or third-party cryptocurrencies (Income Tax);holding of crypto-assets the patrimony (personal property tax).


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