New conditions for blue chip swap transactions.
In line with certain communications issued by the Argentine Central Bank (the “ACB”) since December 2023, to gradually soften the restrictions imposed on the foreign trade and foreign exchange markets since 2019, the Argentine Securities Commission (Comisión Nacional de Valores) issued General Resolution No. 990/2024 (the “Resolution 990”), establishing new conditions for blue chip swap transactions, commonly used in Argentina due to the above-mentioned restrictions to acquire and transfer abroad foreign currencies.
Our law firm to expand its forex banking trade practice.
The increasing and complex foreign exchange control regulations implemented by the Argentine Central Bank (BCRA) are creating serious restrictions and risks for importers, exporters and holders of assets or debts abroad. Access to the official foreign exchange market for international financial and other transfers, prepayment of imports without timely presentation of appropriate import dispatch documentation to the banks, import quotas exceeded or wrongly used or computed, boarding permissions for exports without negotiation of foreign exchange in due course, exports pre-financings improperly settled from abroad and other forex transactions may result in administrative and/or judicial procedures whereunder huge fines and criminal liabilities are at stake.
CNV expands regulations on virtual assets service providers.
On May 2000, in accordance with the GAFI / FATF recommendations, law 25,246 created the UIF and incorporated new types of money laundering crimes. On March 2024, law 27,739 amended law 25,246, introducing certain definitions, such as virtual assets (VA) and virtual assets service providers (VASP) and CNV resolution 994/2024 created the VASP Registry. Although the definition of VA under law 25,246, as amended, was rather broad, by that time, the CNV indicated, through a public announcement, that such regulation would apply to crypto assets. The CNV is the agency in charge of regulating the issuance and trading of securities and other instruments. On March 2025, CNV resolution 1058/2025 expanded the regulations regarding VA and VASP as initially set forth under CNV resolution 994/2024.