Crypto sector entrepreneurs expressed their concern about the negative impact on their business following the LIBRA token scandal, which resulted in the token creators obtaining $100 million using insider information in a rug pull. This situation, according to Carlos Peralta from Bitso Argentina, directly affects the perception of the industry in Argentina, which already faces prejudice for being a new market based on innovative technologies.
The CEO of another crypto wallet described the situation as a "mess" and emphasized the impact on both harmed investors and the entire crypto ecosystem in the country. In this scenario, a new regulation is expected to come out in the coming days that will require crypto wallets to meet certain minimum requirements, such as a minimum net worth, reporting on asset custody, adhering to cybersecurity and anti-money laundering standards, among others, to operate in Argentina under the corresponding registration.
Carlos Peralta underscored the importance of regulation in the industry and mentioned collaboration with the National Securities Commission to protect users. He pointed out the willingness of companies in the Argentine Fintech Chamber to engage in dialogue with political authorities and share information about the industry. Currently, local crypto wallets have more than 2.5 million active monthly users, and transaction volume exceeded $91.1 billion in 2024.
President Javier Milei described the scandal as a "disaster" and highlighted the collaborative work with the National Securities Commission to regulate crypto industry activities in Argentina.
