Argentina’s National Securities Commission (CNV) will establish and regulate requirements to be followed by crypto companies in that country, the agency told CoinDesk on Tuesday.

The jurisdiction of the CNV over virtual asset service providers is specified in a reform of the money laundering prevention law that is being discussed in the Argentine Congress.

If the law is passed, the CNV plans to consult all of those in the crypto ecosystem operating in Argentina in order to seek their input as it works to create regulations, the agency told CoinDesk.

"The worst-case scenario is a regulation that cannot be implemented," said a CNV source. According to the bill, the requirements that crypto companies will have to follow include the protection of users, the security and efficiency in the development of operations, the security of public savings and the prevention of money laundering, among others.

The main reason behind the new requirements for crypto companies is to comply with international standards required by the Financial Action Task Force, which will conduct an evaluation in Argentina in 2024, said the CNV.