Argentina: BCRA Issues Warning Against Crypto Assets in Financial System

On 5 May 2022, the Banco Central de la República Argentina (BCRA), Argentina's Central Bank, issued a warning discouraging financial entities including banks from carrying out services involving unauthorised crypto assets for their customers. In doing so, the BCRA reiterated its views on the risks involved in crypto assets, on which it first issued an alert in 2021. The alert cited high volatility, operational disruptions and cyberattacks, money laundering, financing of terrorism, potential non-compliance with exchange regulations, and the absence of safeguards as reasons for increased scrutiny of crypto assets.