Since the announcement of the Central Bank of the Argentine Republic on May 4, about a new regulation that regulates Payment Service Providers, some companies in the FinTech sector have assured through the social network Twitter that they are not affected by the regulatory measure. .
For example, the company Lemon Cash assured on Twitter that it is not a payment service provider registered in Argentina, and consequently it is not covered by the measure.
“Lemon is an international crypto app with a presence in several Latin American countries and the cryptocurrencies are guarded by Lanin Pay, a company based in El Salvador with a crypto license,” they stated.
In the last hours you surely heard some news about the Central Bank and cryptocurrencies.
This thread is to tell you about this measure, how it impacts the industry and why, with the information available so far, it does not affect Lemon users 👇
– Lemon Argentina (@lemonapp_ar) May 5, 2023
One of the founders of the company also expressed his repudiation of the measure taken by the Central Bank, and in this sense pointed out: “The crypto industry stands out for us internationally and also locally because it contributes to the incoming flow of dollars. Yes, we are one of those few industries that bring dollars to the country. And yet, we see measures like these that set us back.”
No matter how hard they try, crypto in Argentina is unstoppable. Because?
Because more than 5M Argentines have crypto. Because dozens of companies get investments of hundreds of millions of dollars to build and add value to the country and the rest of the world.
(follow) https://t.co/okpoRLGoLA– chelo.eth 🍋 (@lemoncheli) May 5, 2023
From Lemon they consider that the measure is unnecessary and negative for the entire ecosystem.
In this scenario, Bitso has also ruled on the subject, indicating that it is not affected by the measure either. They clarified: “Bitso is an international platform with a global presence. The custody and operations you do with your crypto are regulated by European authorities”.
The Central Bank yesterday issued a regulation on certain operations with crypto assets.
In this context, we want to tell you why Bitso’s operations are not affected by this regulation. ⤵️
– Bitso Argentina (@BitsoArg) May 5, 2023
Ripio, for his part, also used Twitter to publish a statement in this regard and report on its operation, and from the firm they stressed that they are not affected.
“In our case, both Ripio App, Ripio Trade and Ripio Select comply with the necessary regulations to continue operating normally,” they indicated.
This communication impacts the Argentine market 🇦🇷 so that companies in the rest of the region that rely on Ripio to offer their cryptocurrency services will be able to continue doing so normally.
— Ripio (@RipioApp) May 5, 2023
Let’s Bit also provided statements along the same lines, indicating: “In our case, after analyzing the resolution, we consider that the operation would not be affected, so it continues as normal for both the purchase/sale of crypto, card, withdrawals and deposits by CVU”.
what about #letsbit ?
In our case, after analyzing the resolution, we consider that the operation would not be affected, so it continues as normal both for the purchase/sale of crypto, card, withdrawals and deposits by CVU.
—Let’sBit (@LetsBit_ok) May 5, 2023
Buenbit, for its part, also clarified that it is not affected by the new BCRA measure, saying: “We want to clarify that the statement issued by the BCRA on “PSPCP and crypto asset operations” does not affect any of our services or operations. The operation of Buenbit continues normally”.
We want to clarify that the statement issued by the BCRA on “PSPCP and crypto asset operations” does not affect any of our services or operations.
The operation of Buenbit continues normally.
— Goodbit (@goodbit) May 5, 2023
Tienda Crypto issued a statement in which it clarified that they are not affected by the BCRA measure, and at the same time, the CEO Federico Goldberg expressed: “Those who are affected can surely adapt to be in order.”
In this way, Goldberg considered that “the measure may have some impact in the short term, but he believes that the local crypto market will accommodate quickly.”
The measure of the Central Bank
The Central Bank of the Argentine Republic recently issued a statement announcing new restrictions on payment service providers that offer payment accounts with digital assets and cryptocurrencies within the country.
In the statement, they stated, among other things: “Payment service providers that offer payment accounts (PSPCP) may not carry out or facilitate operations with digital assets, including crypto assets, that are not regulated by the authority competent national authority and authorized by the Central Bank of the Argentine Republic (BCRA)”.
For more information on the measure, read the Cointelegraph article in Spanish from May 5, by clicking here.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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