Central Bank of Argentina Issues New Compliance Rules for Digital Wallets

The Central Bank of Argentina issued new rules to digital wallet operators in Argentina. Uala wallet users in Argentina will be able to use new protections that are similar to those offered at banks and other financial institutions.

The Central Bank of Argentina strengthens digital wallet supervision

Regulators are paying attention to the rise in digital money and crypto currency in Argentina. Recently, the Central Bank of Argentina issued rules that will increase the protection offered to users of digital wallets. Uala customers and all other digital wallet providers will be considered financial users, with protections similar to those provided to bank users.

These entities will need to identify customer support representatives in order to resolve common issues in less than ten working days. The central bank will require that digital wallet companies adapt their terms and conditions in order to meet financial contract requirements.

Users will also be able to cancel services that they have already accepted and close accounts with these companies. This is a common problem.

Compliance and Sanctions

Mercado Palo and other big wallets have already complied with these requirements. However, this will increase compliance costs for smaller wallet providers who will need to submit compliance reports signed by experts from the Economic Science college.

Tavarone, Rovelli, Salim & Miani, a national legal firm, stated that the application of these rules would vary depending on a number of factors. It said:

[Plans] will be prepared according to the model established in due course and must verify compliance of the regulations issued in by the Central Bank of Argentina, which are applicable depending on the type of payment service provider.

Accessibility is another requirement. Companies must adapt their services to make them more accessible to users with hearing or visual impairments. This could mean a redesign of apps, which can lead to higher compliance costs.

The period for digital wallet companies to adjust to the new requirements will be 180 days. In cases of non-compliance, the Central Bank of Argentina can impose sanctions.

What are your thoughts on the new rules digital wallet companies in Argentina will need to follow? Leave your comments below.

By: Sergio Goschenko
Title: Central Bank of Argentina Issues New Compliance Rules for Digital Wallets
Sourced From: news.bitcoin.com/central-bank-of-argentina-issues-new-compliance-rules-for-digital-wallets/
Published Date: Thu, 15 Sep 2022 11:30:40 +0000

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