In a dramatic policy reversal, Argentina’s Central Bank (BCRA) is finalizing regulations that would permit the country’s traditional banks to offer cryptocurrency trading and custody services starting as early as April 2026, according to sources close to the negotiations and a major report published today in La Nación.
The move would end a three-year prohibition that began in May 2022, when the BCRA abruptly banned banks from facilitating crypto transactions just days after heavyweights like Banco Galicia, Brubank, and BBVA had launched their own crypto offerings.
From Ban to Embrace: A 180-Degree Turn
The 2022 crackdown was justified at the time as a measure to shield the financial system from the “high volatility” of digital assets. In reality, it drove the vast majority of crypto activity underground or to unregulated local exchanges and peer-to-peer platforms.
That strategy has clearly failed. Argentina now ranks as the top crypto-adopting country in the Western Hemisphere and second only to Brazil in Latin America, with an estimated $93.9 billion in on-chain transaction volume between July 2022 and June 2025 (Chainalysis data). Stablecoins like USDT and USDC have become a de facto parallel currency for millions of Argentines trying to protect their savings from triple-digit inflation and strict capital controls.
Faced with this reality, President Javier Milei’s libertarian-leaning administration has pushed the BCRA to adopt a radically different approach: bring crypto into the regulated banking system instead of fighting it.
What the New Rules Will Look Like
Although the BCRA has not yet made an official announcement, multiple sources inside the regulator and the local crypto industry describe the following framework:
- Banks will be able to register as Virtual Asset Service Providers (PSAVs) or partner with already-registered exchanges.
- They will be allowed to offer spot trading of major cryptocurrencies (Bitcoin, Ethereum, and select stablecoins) directly through their mobile banking apps.
- Custody services will also be permitted under strict capital, liquidity, and cybersecurity requirements, likely aligned with Basel Committee standards for crypto-asset exposure.
- Anti-money-laundering (AML) and tax-reporting obligations will be significantly strengthened, giving authorities better visibility over flows that are currently opaque.
Executives at Lemon, one of Argentina’s largest retail crypto platforms, called the development “a historic step toward mass adoption.” Speaking anonymously, a senior official at a top-tier bank told La Nación: “We’ve been in talks with the Central Bank for months. The political decision has already been made; now it’s just technical fine-tuning.”
Timeline
While no exact date has been confirmed, industry participants expect the regulation to be published between January and March 2026, with the first banks going live in April or May of next year.
Why Now?
The answer is simple: economic necessity.
With annual inflation still hovering above 100% in 2025 and the peso losing roughly half its value against the dollar this year alone, cryptocurrencies have become an essential lifeline for ordinary citizens. Banning banks from participating only punished regulated institutions while leaving consumers exposed to shady offshore platforms and scams.
By opening the door to banks, the government hopes to:
- Offer safer on-ramps for retail investors
- Capture tax revenue from capital gains (currently largely unreported)
- Reduce systemic risk by bringing billions of dollars in crypto activity under prudential supervision
Regional Implications
If successful, Argentina’s experiment could serve as a blueprint for other high-inflation emerging markets. Neighboring Brazil already allows banks to offer crypto exposure through ETFs and structured products, while El Salvador went all-in with Bitcoin as legal tender. Argentina appears to be charting a middle path: pragmatic integration rather than outright prohibition or full legal-tender status.
For now, the mood in Buenos Aires’ fintech and banking circles is one of cautious optimism. After years of being forced to watch from the sidelines, Argentina’s traditional banks are finally getting a seat at the crypto table, and they intend to make up for lost time.