Argentina’s General Inspector of Justice, Daniel Vitolo, is leading the charge in supporting the crypto movement in the country. He believes that the technology is unstoppable and regulators must embrace it to avoid being left behind. Vitolo is aligned with Crecimiento, a grassroots crypto-native movement aiming to create a favorable environment for the crypto industry in Buenos Aires.
The month-long pop-up city, Aleph, organized by Crecimiento, is experimenting with different frameworks and processes to establish a pro-crypto ecosystem in Argentina. The movement hopes to attract foreign investment, provide incentives for the industry, and streamline the business process. There are plans to develop a special economic zone in Buenos Aires to foster tech innovation and attract talent.
Aleph’s sandbox initiative is currently testing different aspects of the crypto industry, including token payments and digital identity systems. Once the experiment is over, a report will be presented to the Argentine Chamber of Financial Technology for potential legislation at the federal level. The movement aims to involve various regulators and stakeholders in building a long-term framework for the industry.
Authorities, including regulators from the CNV and Argentina’s SEC, have shown support for the digital asset space at Aleph’s Regulation Day. They are looking to update the regulatory regime to accommodate tokenization of real-world assets while ensuring a balanced approach that promotes growth without excessive regulation.
Overall, the efforts in Aleph are seen as a blueprint for the rest of Argentina, with other cities like Córdoba and Mendoza closely watching the developments. The goal is to offer predictability and a friendly regulatory environment to attract and retain companies in the crypto and tech sector in Argentina.
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Photo credit thedefiant.io
