Argentina Banking Restrictions on Crypto Transactions in 2025: What You Need to Know

Argentinians can buy and sell crypto freely-but not through their banks. That’s the reality in 2025. Despite being one of the most crypto-savvy countries in Latin America-with 30% of adults owning digital assets-Argentina has drawn a hard line: traditional banks are banned from touching cryptocurrency. It’s not a crackdown. It’s a separation. And it’s reshaping how money moves in the country.

Why Banks Can’t Touch Crypto Anymore

The Banco Central de la República Argentina (BCRA) didn’t ban crypto. It banned banks from handling it. The goal? Protect the country’s foreign exchange reserves. With inflation hovering around 200% in 2024 and the peso losing value fast, Argentinians turned to Bitcoin, USDT, and other stablecoins as a lifeline. But when banks started offering crypto services-custody, trading, even crypto-backed loans-the central bank got nervous. They feared capital flight, money laundering, and a collapse in peso demand. So in early 2025, they pulled the plug.

This wasn’t a surprise move. It followed Law 27,739, passed in March 2024, which gave the National Securities Commission (CNV) authority over virtual assets. The message was clear: crypto isn’t going away. But it’s not part of the banking system either.

How Crypto Transactions Work Now

If you want to buy or sell crypto in Argentina today, you have to go through a registered Virtual Asset Service Provider (VASP). These are licensed companies-like exchanges, wallets, or trading platforms-that meet strict rules set by the CNV. Banks can’t offer these services. Not even as a side feature. No crypto ATMs at Banco Galicia. No crypto deposits at Santander. No peer-to-peer trading through Mercado Pago.

VASPs must register with the CNV by September 1, 2025, if they serve Argentinian users. They need a minimum net worth in USD, full KYC checks, and real-time monitoring of transactions. They also have to report suspicious activity to the Financial Intelligence Unit (UIF) within 150 days. Monthly reports on client numbers, trading volumes, and top assets are mandatory.

For users, this means two separate financial lives: one with your bank for pesos and salaries, and another with a VASP for crypto. You can’t transfer crypto directly from your bank account to your wallet anymore. You have to move pesos to a VASP, buy crypto, then send it out. And if you want to cash out? You sell crypto on a VASP, then withdraw pesos to your bank account. It’s clunky-but legal.

What’s Allowed-and What’s Not

Here’s what banks can’t do in 2025:

• Offer crypto trading or exchange services
• Custody digital assets for customers
• Process crypto-to-peso conversions
• Accept crypto as collateral for loans
• Integrate crypto wallets into their apps

And here’s what’s allowed-and booming:

• Using stablecoins like USDT to protect savings
• Buying dollars directly with crypto through licensed VASPs
• Tokenizing real estate, stocks, or art via blockchain (thanks to CNV Resolution 1069/2025)
• Trading crypto across borders using VASPs (though a 5-15% tax applies)
• Declaring crypto holdings under the government’s ‘blanqueo’ tax amnesty program (deadline: September 30, 2025)

The government isn’t fighting crypto. It’s channeling it. Tokenized securities, blockchain-based land registries, and digital bonds are all being tested-just not through banks.

Who’s Affected the Most?

Small VASPs are struggling. The compliance costs-KYC software, audits, reporting tools-are expensive. Many can’t afford to bank with traditional institutions because banks won’t touch them. So they’re stuck: no bank account, no payroll system, no way to pay vendors in pesos. Some are turning to offshore banking or crypto-native financial services like Circle or Binance Pay, but that’s risky and unstable.

Tourists and digital nomads face headaches too. You can’t walk into a café in Buenos Aires and pay with Bitcoin through a bank-linked app. You need a VASP wallet, and you need to know which places accept it. Some hostels, cafes, and co-working spaces do-but it’s patchy. Most still take pesos or dollars in cash.

Even Argentinians who’ve been using crypto for years are adjusting. Many kept their crypto in bank-integrated wallets before 2025. Now they’re moving funds to standalone apps like Bitso, Ripio, or Binance Argentina. The transition wasn’t smooth. Some lost access to funds during the switch. Others got locked out because their bank froze accounts linked to crypto activity.

How This Compares to Other Countries

Most countries either ban crypto outright (like Nigeria did in 2021) or fully integrate it into banking (like El Salvador with Bitcoin as legal tender). Argentina chose a third path: regulate it hard, but keep it out of the banking system.

Brazil allows banks to offer crypto services, but with heavy oversight. Colombia lets banks custody crypto under strict limits. Argentina’s model is unique: no bank involvement at all. It’s like creating a parallel financial system-one that’s more transparent, more regulated, but also more fragmented.

The result? Crypto use is still high. Stablecoin volumes hit $12 billion in monthly trades in Q3 2025. But the growth is happening outside the traditional system. That’s intentional.

The Bigger Picture: Innovation vs. Stability

Argentina’s move isn’t about stopping crypto. It’s about controlling the risk. By forcing crypto into licensed VASPs, the government gains visibility. Every transaction can be tracked. Every user can be identified. Every suspicious transfer can be flagged.

It also protects the peso. If banks can’t offer crypto, people can’t easily drain pesos into digital assets and then export them. That helps stabilize the currency-even if only a little.

But there’s a cost. Innovation moves slower. Startups can’t easily raise capital. Investors hesitate because they can’t move money in and out cleanly. And for everyday users, the process is more complicated than it should be.

Still, Argentina is building something new: a regulated, transparent, but separate crypto economy. It’s not perfect. But it’s working-for now.

What Comes Next?

By December 31, 2025, the full VASP framework kicks in. All unregistered platforms will be blocked. The CNV will start auditing them. The UIF will ramp up enforcement. And banks? They’ll stay out-unless the law changes.

There’s talk of a digital peso-Argentina’s central bank digital currency (CBDC). If it launches, it could bridge the gap between the two systems. But for now, the divide remains.

If you’re an Argentinian, your crypto life now lives on apps, not bank statements. If you’re a foreigner visiting or moving there, don’t expect to pay with crypto at the ATM. Bring cash-or set up a VASP wallet before you arrive.

The message is clear: crypto is welcome in Argentina. Just don’t ask your bank for help.