Central Bank of Argentina Issues New Compliance Rules for Digital Wallets

Central Bank of Argentina Issues New Compliance Rules for Digital Wallets

The Central Bank of Argentina has issued a new set of rules for operators of digital wallets in the country. Customers of companies like Uala, a wallet popular in Argentina, will now be qualified as financial users, having new protections similar to those offered by banks and other financial institutions. Central Bank of Argentina Strengthens Digital Wallet Supervision

The rise of digital money and crypto in Argentina is causing regulators to pay attention. The Central Bank of Argentina recently issued a set of rules to heighten the level of protection users of popular digital wallets in the country receive. Customers of Uala and other digital wallet providers will now have to be treated as financial users, having protections close to those offered to bank users.

This means that these entities will have to name customer support representatives and solve common problems in less than ten days. Also, the digital wallet companies will have to adapt their terms of service and conditions to fulfill requirements of the central bank regarding financial contracts.

In the same way, the companies will have to provide an easy way for users to revoke services already accepted by these products, and also to close their accounts with these companies in an easy way, a common issue cited by users. Compliance and Sanctions

While big players in the business like Mercado Pago and other large wallets already comply with these measures, this will likely drive compliance costs higher for small wallet providers, who will now have to deliver compliance reports signed by professionals of the Economic Science college.

According to Tavarone, Rovelli, Salim & Miani, a national law firm, the application of these rules will vary depending on several factors. It stated:

[The plans] will be prepared following the model that is established in due time and must verify compliance with the regulations issued by the Central Bank of Argentina that are applicable according to the type of payment service provider in question.

Another new requirement has to do with accessibility, and how these companies need to change the structure of their services to accommodate users with visual or hearing impairments. This might include a redesign of apps that can mean elevated compliance costs.

The digital wallet companies will have a period of 180 days to make the required adjustments to comply with the new requirements, and the Central Bank of Argentina will have the option of establishing sanctions in cases of non-compliance. Tags in this story Argentina, Central Bank of Argentina, Compliance, Customer Support, digital wallet companies, mercado libre, mercado pago, rules, uala

What do you think about the new rules that digital wallet companies will have to follow in Argentina? Tell us in the comments section below. Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. South Korea"s Ministry of Foreign Affairs Plans to Revoke Do Kwon"s Passport: Report REGULATION | 4 hours ago Russian Prime Minister Orders Finance Ministry, Central Bank to Agree on Crypto by December REGULATION | 13 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons, BearFotos / Shutterstock.com Previous articleRussian Prime Minister Orders Finance Ministry, Central Bank to Agree on Crypto by December Next articleBitcoin, Ethereum Technical Analysis: ETH Drops Below $1,600 Following Completion of The Merge Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework

Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method