Argentina finalizes rules for virtual asset providers

Argentinas securities regulator has finalized rules for virtual asset service providers (VASPs), which cover general codes of conduct and custody requirements

Argentina's securities regulator has finalized rules for virtual asset service providers (VASPs), which cover general codes of conduct and custody requirements.

The regulations were published on March 13 by the National Securities Commission, also known as the CNV, under General Resolution No. 1058.

According to a translated version of the announcement, the regulations impose obligations regarding registration, cybersecurity, asset custody, money laundering prevention, and risk disclosure on VASPs operating in the country.

The stated goal of the rules is to guarantee transparency, stability, and user protection in the crypto ecosystem, the announcement said.

Argentine tax lawyer Diego Fraga said the final guidelines include mandatory separation of company and client funds, annual audits and monthly reporting with the CNV.

A new bill set to be introduced in Congress aims to codify President Donald Trumps executive order establishing a US Strategic Bitcoin Reserve, a move that could further integrate Bitcoin into the nations financial strategy.

Trump signed an executive order on March 7 to use Bitcoin seized in government criminal cases to establish a national reserve.

The legislation, introduced by US Representative Byron Donalds, seeks to ensure the Bitcoin reserve becomes a permanent fixture, preventing future administrations from dismantling it through executive action.

For years, the Democrats waged war on crypto, Donalds, a Florida Republican, said in a statement to Bloomberg. Now is the time for Congressional Republicans to decisively end this war.

FTX liquidated $1.5B in 3AC assets 2 weeks before hedge funds collapse

Newly revealed court documents show that FTX secretly liquidated $1.53 billion in Three Arrows Capital (3AC) assets just two weeks ahead of the hedge funds collapse in 2022. The disclosure challenged previous narratives that 3AC’s downfall was solely market-driven.

Once valued at over $10 billion, 3AC collapsed in mid-2022 after a series of leveraged directional trades went bad. The hedge fund had borrowed from over 20 large institutions ahead of the May 2022 crypto crash, which saw Bitcoin fall to $16,000.

However, recently discovered evidence shows that the FTX exchange liquidated $1.53 billion worth of 3AC’s assets just two weeks ahead of the hedge funds collapse.

3AC asked a bankruptcy court to let it increase its claim against FTX from $120 million to $1.53 billion, according to Mbottjer, the pseudonymous co-founder of FTX Creditor, a group FTX creditors and bankruptcy claim buyers.

SEC delays decision on XRP, Solana, Litecoin, Dogecoin ETFs

The US Securities and Exchange Commission has delayed its decision to approve several XRP, Solana, Litecoin and Dogecoin exchange-traded funds.

In a slew of filings on March 11, the agency said it has designated a longer periodto decide on the proposed rule changes that would allow the ETFs to proceed.

Among the affected ETFs are Grayscales XRP and Cboe BZX Exchanges spot Solana ETF filings, with the decisions on them pushed until May.

Russia using Bitcoin, USDt for oil trades with China and India: Report

Russian companies have been using cryptocurrencies like Bitcoin and USDt to facilitate trade with China and India amid international sanctions, according to a Reuters report.

Russian oil companies have used crypto assets including Bitcoin and Tethers USDt for international trade, Reuters reported on March 14, citing four sources with direct knowledge of the matter.

One Russian oil trader reportedly conducts tens of millions of dollars worth of monthly transactions using digital assets, according to a source who spoke on condition of anonymity due to a non-disclosure agreement.