Name
Global FinTech Guide
Country _ Name
Argentina
SectionTitle
DLT and cryptocurrencies
Body
FinTechs belonging to this category offer financial services using crypto currencies. This category also includes FinTechs utilising blockchain and distributed ledger technologies (DLT) upon which Bitcoin and Ethereum are based, among others. FinTechs develop and do research in this field in order to create new services – e.g. crypto currency exchange markets, wallet providers, NFTs-related services, new payment services, "smart contracts" or new clearing and settling services.

Introduction

Attitude of the country towards financial services using crypto currencies

Over the past few years Argentina has seen one of the world’s highest rates of cryptocurrency use. Chainalysis’s 2024 report ranked Argentina 15th globally for crypto adoption. This boom is driven by chronic inflation and strict currency controls: many citizens hold Bitcoin and stablecoins (e.g. USDT) as a hedge or even for everyday payments. In effect, crypto (especially dollar-pegged stablecoins) has become a parallel medium of exchange and savings in Argentina’s economy.

Traditional banks and payment services face strict limits on crypto. Since May 2022 the Central Bank of Argentina (BCRA) has forbidden banks and regulated payment providers from transacting in cryptocurrencies or other digital assets unless specifically authorized by the CNV or BCRA. Because no crypto service has yet been formally approved, this amounts to a de facto ban on banks offering crypto trading, custody or crypto-backed products. As a result, Argentina’s commercial banks generally do not engage with crypto. Instead, crypto-related financial services have emerged via unregulated channels: peer-to-peer exchanges, offshore platforms, and fintech startups. The fintech boom – fueled by low banking penetration and inflation – has spawned many crypto-friendly apps and prepaid cards that convert crypto to pesos at the point of sale.

Government and policy signals: Under President Javier Milei (took office Dec 2023), Argentina has become one of the most pro-crypto countries in Latin America. President Milei has publicly championed Bitcoin and other digital currencies as ways to empower the private sector and modernize the economy. His administration moved quickly to lift various peso restrictions and is exploring broad currency liberalization.

That said, reforms have met institutional constraints. As part of Argentina ’s 2022 IMF agreement, authorities agreed to discourage unregulated crypto use (to guard against money laundering). Accordingly, despite the president ’s rhetoric, regulators are proceeding carefully. For instance, in late 2024 the CNV held public consultations on draft rules that would require crypto firms to have minimum capital (˜$173K), conduct KYC/AML checks, and disclose customer contracts. Industry leaders welcomed clear rules to foster “responsible growth,” but stressed that regulation must not simply push Argentines back to black-market currency trades.

Despite the banking ban, fintech companies and crypto exchanges
have made crypto services widely available. Apps like Lemon Cash and others let users load cryptocurrency onto debit cards, automatically converting it to pesos when they pay retailers. Cryptocurrencies are also popular for remittances and cross-border payments: one report noted Argentina led Latin America in stablecoin transfers in early 2024. In practice, many Argentines treat stablecoins (e.g. USDT) as a digital dollar for everyday transactions, while using Bitcoin primarily for savings.

In summary, Argentina ’s official attitude can be described as cautiously open. The government recognizes crypto ’s role in the economy – driven by a tech-savvy population and economic necessity – and has begun to regulate exchanges under the CNV ’s supervision. However, the Central Bank still keeps the formal banking sector at arm ’s length from crypto. As a result, crypto-based financial services thrive mainly through non-bank channels (fintechs, P2P networks, stablecoin platforms), effectively bypassing traditional controls.

Legal affairs

Obligations and requirements to provide financial services using crypto currencies described above

To manage this growth, Argentina’s government and regulators have begun formalizing crypto rules. In March 2024 Congress passed Law No. 27,739, which for the first time defined “virtual assets” and required all Virtual Asset Service Providers (VASPs) to register with the securities regulator (CNV) and follow anti-money-laundering/KYC standards. Key measures introduced include:

Law 27,739 (Mar 2024): Established a framework for cryptoassets. It defines digital assets (excluding government fiat), creates the concept of VASPs, and mandates that exchanges and custodians register with the CNV before operating.

CNV Res. No. 994/2024: Instituted a mandatory CNV registry for VASPs targeting Argentine users (e.g. using “.ar” domains or advertising locally). After registration, the CNV can develop detailed regulations.

Additional rules (2024–25): UIF Resolution 49/2024 designates VASPs as reporting entities under AML law, and CNV Resolution 1058/2025 imposes capital, custody, cybersecurity and reporting requirements on registered crypto firms. (These include minimum net-asset thresholds, segregation of customer funds, and strict AML/CFT obligations for exchanges and wallets.)

Overall, the official stance is cautiously permissive: Argentina does not ban private crypto use and is bringing exchanges into the legal system, but it is also emphasizing compliance and risk controls.


Economic conditions

Market size for financial services using crypto currencies and biggest companies in this business area
Argentina has emerged as one of Latin America ’s largest crypto markets. Estimates suggest roughly 1.3 million Argentines (˜2.9% of the population) hold cryptocurrency, though Coinbase recently claimed on the order of 5 million Argentinians use crypto daily. Trading volumes are substantial: a Chainalysis report (July ’ 23–June ’ 24) put Argentina at ~$91.1 billion in crypto value received (just ahead of Brazil), and local peso–crypto trading has surged (~400% year-to-date) with roughly $400 million per month in ARS trading volume. The market is dominated by major exchanges. Globally-based Binance is heavily used locally, and domestic platforms like Lemon Cash (a leading Argentina-based crypto app) likewise command a large share of activity. For example, Lemon reports over 4 million users in Latin America; other homegrown firms are also prominent. Belo (a fintech “wallet” and exchange) now serves over 4 million users, and Buenbit (a peso–stablecoin platform) has on the order of 1 million users. (Other players such as Ripio and regional exchanges like Bitso also compete for Argentine users.) All of the major local crypto firms have registered under Argentina ’s new VASP regime: for instance, Lemon Cash and Buenbit were entered in the CNV ’s PSAV registry in mid-2024 (Belo likewise registered, PSAV No. 52, in July 2024). By contrast, the Central Bank of Argentina (BCRA) has not licensed crypto providers – instead it enforces broad currency rules (it expressly forbids banks or payment apps from offering unregulated crypto services) while oversight of exchanges and fintech VASPs falls to the CNV under the 2024 VASP law. In summary, Argentina ’s crypto-fintech sector is sizable – millions of users and tens of billions in flows – led by platforms like Binance, Lemon Cash, Belo and Buenbit, all of which operate under the formal VASP registry and CNV oversight (rather than BCRA licensing).

Regarding transactional volume, it is estimated that in Argentina transactions involving crypto currencies represent an annual volume of US$ 3,300 million. Furthermore, it is estimated that savings in Argentina involving crypto currencies represent around US$ 68,800 million.

Additional comments regarding the economic situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area

Argentina offers a high-potential but still fragile environment for crypto-based financial services. Under President Javier Milei, the country has pursued aggressive economic liberalization, including lifting currency controls and reducing inflation, while introducing formal regulation for Virtual Asset Service Providers (VASPs) through the CNV. FinTech companies now operate in a clearer regulatory landscape, but face strict compliance requirements and evolving enforcement. Despite rapid crypto adoption and deregulation momentum, risks remain due to political uncertainty, economic volatility, and limited banking integration. FinTechs must balance opportunity with cautious risk and compliance management.



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