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Argentina: Communication “A” 7759 on Payment Service Providers and Crypto-assets

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In brief

On 4 May 2023, the Argentine Central Bank (ACB) issued Communication “A” 7759 (“Communication“), whereby it amended the regulations applicable to Payment Service Providers Offering Payment Accounts (PSP). Under the Communication, the ACB established that PSPs shall not carry out or facilitate transactions involving digital assets (including crypto-assets) for their clients.

In focus

By means of the Communication, the ACB established that PSPs shall not carry out or facilitate transactions involving digital assets — including crypto-assets and those whose yields are determined based on the variations they register — that are not authorized by a competent national regulatory authority or by the ACB.

In that sense, PSP may not carry out such transactions by themselves or offer to initiate them from their applications or web platforms through the availability of automated purchase buttons for the user.

Click here to access the Spanish version.

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Author

Gabriel Gomez-Giglio is partner at Baker McKenzie’s Buenos Aires office, chair of the Latin America Banking & Finance Practice of Baker McKenzie and a member of the Global Steering Committee of the Firm’s Financial Institutions Industry Group. He advises clients on a variety of general commercial issues. His practice focuses on the areas of transactional and regulatory matters, including but not limited to multinational financial transactions, commercial agreements and mergers and acquisitions. Gabriel is a member of the Board and Adjunct Professor of Law at Universidad Torcuato Di Tella and a visiting professor with the Centre for Commercial Law Studies, Queen Mary College, University of London.

Author

Francisco José Fernández Rostello is a partner and member of the Firm’s Banking & Finance Practice Group in Buenos Aires. He has worked for the International Swaps and Derivatives Association and for Société Générale, New York Branch. He is knowledgeable on matters related to issuance of debt, derivatives transactions, local and cross-border financing, and securities transactions.

Author

Juana Allende is an Attorney at Law in Baker McKenzie, Buenos Aires office.

Author

Jeronimo Argonz is an Attorney at law in Baker McKenzie, Buenos Aires office.

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