The Argentine government, through the Ministry of Health, has submitted to Congress a bill on the prevention of gambling addiction and the regulation of online gambling, marking a milestone by explicitly including providers of virtual asset (cryptocurrency) services for the first time.
The initiative aims to establish a comprehensive regulatory framework for online betting and gambling, limit advertising, “protect vulnerable populations, especially children and youth, and combat illegal gambling.”
This bill sets out clear prohibitions. bank, fintechcryptocurrency exchange and wallet provider You will no longer be able to provide services or facilitate transactions to the Betting Platform. An online casino operating on the territory of Argentina without an official license.
According to the project text, inter-institutional cooperation will be strengthened between the Central Bank of the Republic of Argentina (BCRA), the National Securities Commission (CNV), the National Telecommunications Entity (ENACOM) and NIC Argentina (National Directorate General of Internet Domain Registries).
The aim is to effectively block both technological access and financial flows. Including those created through cryptocurrenciesagainst unauthorized operators.
Additionally, the project proposes amendments to the Criminal Code that would consider prison sentences of two to four years for individuals or companies that provide essential financial, technical, or digital asset services to these illegal platforms.
Crypto asset exchanges and providers will need to implement stricter due diligence controls, transaction monitoring, and know-your-customer (KYC) policies to comply with the new obligations.
Further regulation of cryptocurrencies
Although most people agree on the need to combat gambling addiction, the introduction of cryptocurrencies has sparked debate in the field. Experts have warned that the move could significantly increase operating costs. Regulatory burden on local exchangesimpacting competitiveness against international platforms.
“The industry understands that, given the nature of virtual assets, excessive regulation and tax burdens imply a paradox of increased informality and a tendency to operate towards foreign/deregulated exchanges, contrary to the stated objectives of the regulations, which can have serious consequences for the industry and its users alike,” the Argentine Fintech Chamber of Commerce and Industry explained in March.
In the future, this initiative is expected to feel like Set a precedent for broader regulatory development An overall picture of the domestic cryptocurrency ecosystem.
In March of this year, a Buenos Aires court issued an order completely blocking access to Polymarket, a leading global platform for cryptocurrency-based prediction markets, for operating as a gambling hall without a license.
With this measure, Argentina became one of the following countries: Latin American countries completely block platform for the first timeThis includes the removal of the application from the Google and Apple stores, as reported by CriptoNoticias.
The current project represents an important advance in the regulation of digital assets in Argentina. However, its success will largely depend on the actual ability of authorities to oversee the use of cryptocurrencies in environments that are inherently resistant to centralized control.
(Tag translation) Argentina
