The BCRA has started to conduct inspections of a group of fintechs that offer services as financial intermediaries for investment projects using crypto assets to channel savings in order to determine if they are performing unauthorized financial intermediation.
The Law on Financial Institutions delegates to the BCRA the authority to request information when there is a suspicion that a person or a company is performing financial intermediation and, if applicable, to order the immediate and definite cessation of activities and apply penalties.
This inspection includes nine fintechs that collect deposits to turn them into crypto assets, particularly crypto currencies, which are then used for the financing of investments and consumption, offering a return.
The BCRA will file the corresponding criminal complaint under the terms of Section 310 of the Criminal Code if investigations determine the presumption of financial intermediation without authorization.
