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Cryptogambling / Contrasting Crypto Regulations: Argentina, France & Beyond

Contrasting Crypto Regulations: Argentina, France & Beyond

Publish Date: 09/05/2023
Key Points
  • Argentina places ban Crypto payments, amidst crackdown
  • France amends its constitution to accommodate registered cryptocurrency companies to hire social media influencers for advertising and promotional purposes.
  • Certain countries such as Nigeria and Montana are not following in Argentina's steps.

Amidst the high rise in crypto scrutiny, Argentina’s central bank, today has declared a ban on payment providers from offering transactions.

The Central Bank further added that it intends to reduce the country’s payment-system exposure to digital assets.

While many local payment authorities are mute on this development, the fintech chamber of the country is urging the government to reconsider its decision, noting that “it will limit access to technology, which is supposed to present the country with enormous opportunities and benefits.”

Meanwhile, the Senate Committee on Economic Affairs in France adopted a change that will enable licensed cryptocurrency businesses to use social media influencers for marketing and promotional functions.

This change would permit businesses with Financial Markets Authority registration in France to employ product influencers.

What is happening in other Countries?

The Nigerian Securities and Exchange Commission (SEC) is currently working on promoting licensed digital changes in the country. This will allow these exchanges to list some tokens backed by specific assets, including equity, debt and property.

Additionally, the SEC wants to register fintech companies as digital sub-brokers, crowdfunding middlemen, fund managers, and issuers of tokenized currency. Until the central bank establishes clear laws for the cryptocurrency industry, the authority won’t register cryptocurrency exchanges.

United States Set to Build International Standard for DLT

The United States white house announced the national standards strategy for important and developing technologies, including blockchain. According to the national strategy, digital infrastructure and distributed ledger technology (DLT) will have a growing influence on and widespread adoption in the economic sector.

Automation and connected infrastructure, such as intelligent neighbourhoods and the Internet of Things, are some important areas where these developments will be actively evaluated. Building features and services focused on cybersecurity and privacy might be very beneficial when using DLT.

Montana Governor Signs Crypto-Mining Bill

In spite of the crypto scrutiny, Governor Greg Gianforte passed a bill that effectively prevents local governments in the state of Montana from establishing laws that forbid cryptocurrency mining has been signed into law.

By amending current regulations, banning discriminatory electrical rates for mining companies, and barring taxation of cryptocurrency used as a payment mechanism, the act essentially enshrines the rights of cryptocurrency miners in the state.

North Carolina Places Ban on CBDC Payments to U.S. State

The North Carolina House of Representatives has enacted a bill that forbids the use of central bank digital currency (CBDC) to make payments to the U.S. state. The most recent legislation intends to forbid people from paying the state using CBDCs in any capacity.

Additionally, it prohibits the Federal Reserve from considering North Carolina as a possible test location for its own CBDC pilot program. The legislation will now proceed to the Senate, where it must pass in order to become law or override the veto of Governor Roy Cooper.

Pen Drop

The divergent regulatory approaches taken by Argentina and France regarding cryptocurrencies and related activities reflect the complex and evolving landscape of the digital asset space. Argentina’s outright ban on crypto payments and financial institutions’ transactions with digital assets highlights the challenges and uncertainties that regulators face in balancing innovation with investor protection and financial stability.

Meanwhile, France’s tolerance towards ‘finfluencers,’ who promote cryptocurrencies and related products on social media, reflects a more permissive stance towards the growing adoption of digital assets among retail investors.

Despite the different approaches taken by regulators, both countries are grappling with the need to address the emerging risks and opportunities presented by cryptocurrencies, blockchain technology, and the broader crypto ecosystem. As the digital asset space continues to evolve, it will be crucial for policymakers to adopt a balanced and forward-looking regulatory framework that fosters innovation, while safeguarding investors and preserving financial stability.

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