Any banking or financial intermediation and/or solicitation of funds activities performed in Argentina requires registration and licensing with the Argentine Central Bank. However, registration and licensing would not apply if the banking activities were performed entirely from outside Argentina following certain guidelines. In addition, it is important to note that the Financial Entities Act distinguishes between different types of financial entities, which include, among others, commercial banks, investment banks, mortgage banks and financial entities.

In addition, entities offering payment services such as virtual wallets, payments with QR codes and credit to the general public must be duly registered with the Argentine Central Bank and comply with specific regulations issued by this oversight body. This applies mainly to fintech companies operating in the local market.

In connection with capital markets, any public offering of securities is subject to the supervision and prior authorization of the Argentine Securities Commission. In addition, stockbrokers and other agents acting in Argentina within the Argentine securities markets must also be registered with the Argentine Securities Commission.

From a corporate standpoint, there is a distinction between one-off activity and those performed on a regular basis. Any legal entity performing activities on a regular basis in Argentina will need to establish a local presence (through either a local subsidiary or branch). When a legal entity performs one, no registration is required.

For cryptoassets and cryptocurrencies, Argentina has no specific off legislation. The applicable regulations are fragmented, since the main regulations have been issued by different government agencies, such as the Financial Information Unit and the Argentine Central Bank, and those regulations do not represent a complete regulatory framework for commercial transactions related to this activity. Hence, trading, custody and clearing of cryptoassets is not specifically regulated in Argentina, but can be legally conducted provided they are compliant with general financial regulations (i.e., Financial Entities Act and Capital Markets Act).

That said, the recent amendment to the AML/FT Act No. 25,246 has included virtual asset services providers (VASP2) as obliged entities under the AML/FT framework, in line with the Financial Action Task Force's recommendations. This has led to the creation of a Registry of VASPs under the supervision of the Argentine Securities Commission. In consequence, VASPs that perform certain activities detailed under the AML/FT Act No. 25,246 and pursuant to the modalities set forth by the Argentine Securities Commission's regulations must register with the Registry of VASPs and comply with certain related obligations.