The Central Bank of Argentina issued new rules to digital wallet operators in Argentina. Uala, which is a popular wallet in Argentina, will be able to qualify as financial users. It has new protections that are similar to those offered at banks and other financial institutions.
Regulators are paying more attention to the rise in digital money and crypto currency in Argentina. Recently, the Central Bank of Argentina issued rules to increase the protection that users of digital wallets are receiving. Uala customers and all other digital wallet providers will be considered financial users and receive protections similar to those available to bank users.
These entities will need to identify customer support representatives in order to resolve common issues in less than ten working days. The central bank will require that digital wallet companies adapt their terms and conditions in order to meet financial contract requirements.
Users will also be able to cancel services that they have already accepted and close accounts with these companies. This is a common problem.
Crypto wallet providers will need to submit compliance reports
Mercado Palo and other big wallet providers already adhere to these standards. However, compliance costs for smaller wallet providers will be higher as they will have to submit compliance reports signed by experts from the Economic Science college.
Tavarone, Rovelli, Salim & Miani, a national legal firm, state that the rules’ application will depend on a variety of factors. It stated:
The plans will follow the model established in due course and must confirm compliance with regulations issued by Central Bank of Argentina, which are applicable depending on the type of payment service provider.
Wallet services need to be more accessible
Accessibility is another requirement. Companies must adapt their services to make them more accessible to users with hearing or visual impairments. This could mean a redesign of apps, which can lead to higher compliance costs.
The period for digital wallet companies to adjust to the new requirements will be 180 days. In cases of non-compliance, the Central Bank of Argentina can impose sanctions.
