- This new license aligns Bit2Me with Argentina’s emerging crypto regulations.
- The approval followed the firm’s $15 million fundraising in 2023 and acquisition of a majority stake in the Peruvian exchange Fluyez.
Spanish crypto exchange Bit2Me has secured approval from Argentina’s National Securities Commission (CNV) to operate as a Virtual Asset Service Provider (VASP), marking a key step in its regional expansion.
Bit2Me’s new license aligns it with Argentina’s emerging crypto regulations, giving it the legal backing to expand further. This approval followed the CNV’s initiative to formalize the operations of crypto companies in Argentina, a process that began in March when the CNV launched its registry for virtual asset service providers. So far, 79 companies have reportedly been approved under this program.
After raising $15 million in 2023 to strengthen its position in Spain and Latin America, the exchange has aggressively pursued regional growth. It acquired a majority stake in the Peruvian exchange Fluyez in 2022, and this latest move in Argentina is part of a broader strategy to increase its influence across the continent.
The VASP license from Argentina further strengthens the company’s reputation. In a statement, Bit2Me highlighted that the approval not only adheres to local regulations but also “provides confidence to both investors and Argentine financial institutions,” an important factor as the crypto space gains mainstream acceptance in the region.
See Related: Argentina Approves Bybit’s VASP Registration As Country Tightens Crypto Laws
Argentina’s Regulatory Push For Crypto Services
Argentina’s National Securities Commission opened the registry for virtual asset service providers in March 2023, signaling a shift towards stricter oversight of the burgeoning crypto market. The CNV’s registry is a necessary step for any crypto company seeking to operate within the country’s borders legally.
Bit2Me’s inclusion in the registry signifies its adherence to the latest regulatory standards and positions the company to capture a growing share of Argentina’s crypto users. The country has become one of Latin America’s more active crypto markets, driven by economic instability and a search for alternative financial systems.
Bit2Me’s expansion in Argentina adds to its series of regulatory wins. In 2022, it obtained approval from the Bank of Spain to provide fiat-to-crypto exchange services and custody digital wallets. Bit2Me’s recent funding, coupled with regulatory approval in Spain and Argentina, sets the stage for further expansion across the region.
