In Argentina, there is no comprehensive legislation specifically designed to regulate relations in the domain of blockchain and cryptocurrencies. The competence of the authorities in regulating these relations is not clearly defined. Regulators generally apply legislation by analogy to cryptocurrency and blockchain-related issues. At the same time, the approaches of various subjects contain no contradictions.
Definiteness of Legal Regulation
In a general sense, the legal relations associated with the use of blockchain and cryptocurrencies are regulated by the Civil and Commercial Code of Argentina (Código Civil y Comercial de la Nación). The regulation is carried out by analogy with similar legal relations and takes no specific features of blockchain projects into account. A part of legal relations falls outside regulation, especially the issues of cryptocurrency mining, the activities of exchange platforms, payments in cryptocurrencies, and smart contracts. The only normative act to directly provide the definition of cryptocurrencies is Resolution 300/2014 "Prevencion del Lavado de Activos y de la Financiacion del Terrorismo. Monedas Virtuales. Modificacion Resolucion No. 70/2011" of the Financial Information Division (Unidad de Información Financiera, UIF) of the Ministry of Justice and Human Rights (Ministerio de Justicia y Derechos Humanos) of Argentina. In December 2017, amendments were made to the tax legislation of Argentina which classify the income received by individuals or legal entities from operations with cryptocurrencies ("monedas digitales") as the income received from operations with stocks and other securities. In December 2017, the National Securities Commission (Comision Nacional de Valores) published a warning to potential investors on ICOs. The National Securities Commission emphasizes, that the ICOs are not subject to specific regulation, but some ICOs may fall under securities regulation, depending on their peculiarities and structure.
Stability of Legal Regulation
There are no remarkable legislative initiatives to change the existing regulatory practice in Argentina at the moment.
Adequacy of Legal Regulation
The regulation in Argentina is generally rather neutral about cryptocurrency operations and the development of blockchain projects. However, a number of issues remain unresolved (mining, smart contracts, exchange platforms, etc.). There are no special state bodies providing guidance on the implementation of blockchain and cryptocurrency-related businesses, but in the case of ICO projects, the CNV suggests seeking advice from the Investor Service Office.