Argentinian Senate Is Discussing A Bill That Sanctions Cryptocurrency Promoters
The new project by the Argentinian Senate, which aims to regulate how cryptocurrencies are promoted, has an objective. The objective is to proffer education to users on the risks of crypto investment. Also, it protects users by preventing them from investing in Ponzi schemes.
Focusing On Crypto Advert Regulation
Argentina joins countries taking steps to prevent the spread of crypto scams via advertisement platforms. Due to the high crypto adoption rate, Argentina’s Senate has taken the step to oversee the foundation of advertisement laws related to crypto.
The latest discussion, which Senator Eduardo Andrada leads with other senators, focuses on educating residents interested in crypto. Moreover, the project aims to protect investors from falling victim to Ponzi crypto schemes.
During the discussion, Martin Breinlinger and Sebastian Negri — ACC (Argentine Securities Commission) members- watched different crypto schemes being promoted on various media. Furthermore, a new idea brought up during the meeting was that any public promotion concerning crypto must include a short note beneath the advert promotion explaining its risks.
The Senators Share Conflicted Views
During the meeting, the Senators shared different views concerning the preliminary project. Negri gave details of the project’s benefits to the market and investors after its approval.
In her words: “We all saw how BTC increased from $10,000 to $69,000. Some crypto advertisers will promise people that the same profitability can be repeated for those who joined their crypto scheme. This is a misleading advert, and it should be illegal to make such claims, but it is what is happening.
Angela Negri stated that TradFi institutions, including banks, could not make such claims. But it is possible with crypto due to the low regulation of the crypto industry in Argentina.
Yet, Senator Negri expressed her disapproval of crypto regulation, saying that it could lead the Senate to get involved and caught up in more prominent crypto-related cases.
She said, “I am not someone who likes regulation; honestly, I don’t understand how we will regulate something that is already not regulated. This is the first time there will be proper crypto regulation in the country.”
On the other hand, many other countries have established cryptocurrency regulations. For instance, Spain has set its rules to sanction crypto publicity which first targets influencers. At the same time, the UK increased its vigilance in July for any misleading cryptocurrency campaign.
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