The ONG Bitcoin Argentina Is Advocating for a Legal Framework That Defines Cryptocurrencies as Digital Assets

The ONG Bitcoin Argentina is advocating for a legal framework that defines cryptocurrencies as digital assets, proposing regulations that facilitate operations within the industry.

A non-governmental organization (NGO) in Argentina is proposing a new law that would define cryptocurrencies as digital assets and establish a legal framework for their operation within the country.

The ONG Bitcoin Argentina has drafted the legislation in response to regulatory changes this year, particularly under President Javier Milei's administration, which have introduced stricter controls on the cryptocurrency industry.

The draft law aims to provide clarity and security for cryptocurrency users and businesses, amid calls from industry stakeholders for clearer regulations.

“All people have the right to develop, acquire, possess, have, operate and dispose of, without restrictions, bitcoin and other decentralized cryptoassets and to develop and operate on decentralized service platforms. The law protects the property and rights over crypto assets,” the text states in its Article 1.

The proposal distinguishes between decentralized crypto assets like Bitcoin and Ethereum, which are treated legally as currency without legal tender, and centralized issuance crypto assets like USD Coin (USDC) or Tether (USDT), which would be subject to specific regulations and obligations.

If enacted, the draft would establish for the first time clear property rights for decentralized cryptocurrency users. Legally distinct from cash or other forms of traditional wealth, these assets would carry their own classification, ensuring clarity on obligations and regulations for digital wallets and service providers alike.