Argentine government passes registration requirements for crypto firms

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Argentina’s government has begun implementing requirements for cryptocurrency exchanges to operate legally in the country.

In a March 25 announcement, Argentina’s Comisión Nacional de Valores (CNV) — the country’s equivalent of a securities regulator — said virtual asset service providers would be operating in accordance with recommendations from the Financial Action Task Force (FATF). Certain companies offering crypto-related services must register with the Argentina government as part of reforms to the country’s Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) laws.

The implementation of the law affecting crypto providers in Argentina moved forward on March 14, when the country’s senate approved modifying laws aimed at preventing money laundering and the financing of terrorism. CNV President Roberto Silva said virtual asset service providers that are not registered “will not be able to operate in the country.”

The proposed modification to Argentina’s laws affecting crypto users reportedly came before Javier Milei won the country’s presidential election in November 2023. Many crypto proponents lauded the ascension of Milei at the time for his seemingly pro-Bitcoin (BTC) views, but the implementation of the FATF requirements seems to have many concerned for for the future of digital assets in Argentina.

Source: Nina Lira

Related: Bitcoin demand in Argentina reaches highest point in nearly 2 years

Many users on Strike, popular in Argentina for facilitating Bitcoin payments via the Lightning network, reported the app no longer allows locals to send fiat to bank accounts. It’s unclear how the requirements may affect businesses operating in Argentina or customers seeking to use their services. In December 2023, Argentina’s minister of foreign affairs said contracts could be settled in Bitcoin and other cryptocurrencies.

Milei spoke publicly on April 2 as part of a Malvinas Day ceremony recognizing the loss of life during the Falklands War in 1982.

Magazine: Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO

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Friend Tech faces continued sniper bot issue, pushing price of popular creators before shares hit market

Friend Tech (FT), the web3 social token platform that saw a resurgence in user activity recently, has seen an increase in “sniper bots,” which have been causing significant shifts in share prices.

According to a detailed analysis performed by  X user @unexployed_ of Castle Capital, these bots, beyond their normally expected functionality, are deploying a technique of ‘sniping’ to gain control over high-value profile shares.

In the case of DappRadar’s recent registration on FT, Unexployed revealed that the share prices started at an unusually high point of 0.26 ETH. This was not triggered by a registered account but seemingly by a sniping address interacting directly with the smart contracts, demonstrating the influence of these bots on the market.

Digging deeper into basescan.org, Unexployed was able to trace the chronological order of buyers and sellers. Within the first four blocks, there were already 65 shares on the market. And DappRadar was not alone. Other entities, such as Moonshilla and Rektdiomedes, also faced a similar situation where snipers gained immediate control over their FT supply.

The primary sniper, identified as 0x081…951, executed over 20,000 transactions to acquire the shares. The first 46 transactions failed with the error “Fail with error ‘Insufficient payment” and were reverted, according to Basescan.

CryptoSlate analysis of the transactions revealed that the account attempted to purchase the shares before the owner of the account had purchased the first share (a requirement of FT.) The transaction log states Fail with the error, “Only the shares’; subject can buy the first share”

Friend Tech faces continued sniper bot issue, pushing price of popular creators before shares hit ma

Friend Tech faces continued sniper bot issue, pushing price of popular creators before shares hit ma

Friend Tech (FT), the web3 social token platform that saw a resurgence in user activity re...