BCRA to Inspect a Group of Fintech Companies

The BCRA has started to conduct an inspection of a group of fintech companies that finance crypto asset investment projects as saving channels. The result will help to determine if they are conducting unlicensed financial intermediation.

In accordance with the Law on Financial Institutions, the BCRA has the power to request information from any person or company under suspicion of having conducted financial intermediation activities. If appropriate, the BCRA may order the immediate and definite cessation of those activities, and impose sanctions.

The inspection involves nine fintech companies that take deposits, which are invested in crypto assets—especially crypto currency—to finance investment and consumption projects that yield returns.

The BCRA will file—under Section 310 of the Argentine Criminal Code—a criminal complaint against anyone conducting unlicensed financial intermediation.

June 11, 2021.