Argentina’s Comisión Nacional de Valores (CNV) Resolución General 1172/2026 rewrites the rulebook for crypto exchanges, custodians and other proveedores de servicios de activos virtuales (PSAV) from 16 October 2026, and a new-format monthly report on clients, volume and custody applies from 1 November. The Boletín Oficial published the text on 15 October 2026.

A PSAV, on the definition the recitals take from article 4 bis of Ley 27.739, does this as a business and for someone else. It exchanges virtual assets for fiat or for other virtual assets, transfers them, custodies or administers them, or provides financial services on an issuer’s offer or sale. The CNV supervises the provider. A virtual asset comes under that supervision when article 2 of the Capital Markets Law (Ley de Mercado de Capitales) treats it as a security.

Roberto E. Silva, president of the CNV, said in Spanish: “We continue advancing in the process of reordering the rules. Now it is the turn of the PSAVs, with a full review of their regime which, although recent, was adjusted in order to keep modernizing it.”

Exchanges, foreign platforms and ordinary users

Resolución General 994/2024 opened the registry. Resolución General 1058/2025, published on 14 March 2025, wrote the chapter this resolution substitutes, and that chapter already had a monthly report. An Argentine resident or an Argentine company registers before doing the work for clients. The Lemon card piece follows one firm already on that registry, Bay Treasure Caramel S.A. (Lemon Cash), registered for all five activities under Resolución General 1058/2025.

A company formed abroad registers before it serves people in Argentina directly, through an Argentine company or through a local branch or permanent representation, when any point of contact is present. A .ar domain counts. So does a commercial deal, including one with a subsidiary or an affiliate, that lets the firm take residents’ funds inside the country. The chapter calls that an on-ramp. A clear aim at Argentine residents counts. Advertising clearly aimed at them counts, except when the client makes contact on their own exclusive initiative. Argentine volume above 20% of total volume is a separate point of contact, counted only on the activities that require registration. A stake in a local PSAV, held directly or through the group, leaves the foreign firm off the registry when there is no direct contract with clients in Argentina and none of those points of contact.

Trading only for yourself sits outside the definition, at any amount, and so does accepting crypto as payment for goods or services. A self-custody wallet stays off the registry when you keep the assets and the means of access, and the provider cannot custody, administer or dispose of them. A decentralized protocol stays off it when no person with control, or with enough influence over how it runs, is also providing a PSAV service.

A firm that holds assets for clients keeps those assets apart from its own. It books them as memorandum accounts (cuentas de orden), does not count them in its net worth, and moves them only as the client instructs. A custody firm publishes a proof of reserves on its site or its app.

Under Resolución General 1150/2026, a tokenized security is subscribed, placed, traded and custodied on a PSAV only while that firm is registered in every category of this chapter, at the same time and for the life of the digital representation. The sandbox note covers that resolution through 31 December 2027.

The November report

From 1 November 2026 the monthly report is filed in the new format, due within 15 calendar days after the month ends, on the Autopista de la Información Financiera (AIF). The 2025 chapter already asked for a client count split between individuals and companies, a dollar volume, a top 10 that mixed assets traded or held, and custody quantities, on that same clock. The new format keeps the clock and changes what gets reported. The form is now “PSAV_014-Informe Mensual: Clientes, Operaciones y Custodia”.

A client with an account still open counts after a trade, or a holding, in the last 12 months. Volume is gross, in thousands of US dollars, with fees and other charges left in, and each trade is counted once. The figure takes in spot trades and the notional value of contracts and perpetuals. The firm names at least the ten assets with the largest dollar turnover. Custody is listed for each asset on each network where the firm holds it, in the asset’s own units and in thousands of dollars, as of the last day of the month. A firm that has already started files the report even when every number is zero.

Category changes, name changes and leaving

A firm that wants to add or change a category emails RegistroPSAV@cnv.gov.ar first and names the change, then files the documents on the AIF. After the CNV confirms that the requirements are met, the firm posts a hecho relevante, the material-event notice, describing the category change and naming the corporate resolution, its date and the body that passed it, and completes form PSAV_003 listing every category. A new company name goes to the AIF with the public registry’s certificate of the change.

To leave the registry, the firm asks the CNV. Before that request, clients get at least 30 calendar days’ notice, a way to withdraw or transfer their balances, and periodic messages during that window. The request includes a sworn statement that the firm has stopped the PSAV activities and has taken those steps. Adding or dropping a category goes through the email. A decision to stop the whole business, or to drop one or more categories, is a separate material-event notice, and it states the date the firm expects the stop to take effect.

Criterios Interpretativos 95, 96 and 97 now sit in the Normas, and the resolution repeals them as separate guidance. They dealt with local companies, foreign branches and permanent representations, with minimum net worth, with capital and irrevocable contributions, and with the corporate purpose.

Who registers, and the net-worth floor

An individual registers only when activity in a calendar month is above UVA 35,000. UVA is the unidad de valor adquisitivo, and the test applies the UVA of the last day of the month to everything done in that month. Individuals register only for the two exchange categories. A company registers before it starts. A person or a company that the chapter requires to register, and that is not on the registry, has to refrain from the activity in Argentina. A breach can be sanctioned under article 37 of Ley 27.739.

The categories are exchange of virtual assets for fiat, exchange between virtual assets, transfer, custody or administration other than where the user keeps exclusive control, and financial services on an issuer’s offer or sale. That last category includes a platform for an initial offer and a public raise. The mere act of issuing the asset sits outside it.

Minimum net worth is US$150,000 for the two exchange categories and for custody, US$75,000 for transfers, and US$35,000 for the offer category. With two or more categories, the firm meets only the strictest floor. An entity with traded volume under US$2,500,000 over the last 12 months, in the exchange and transfer categories, or with custody volume under that figure, meets half the floor that applies. The offer category has no volume test of its own in that rule. When the annual accounts come in under the floor, the firm reports it as a material event and, within 10 business days, files the plan to rebuild the net worth.