1. Argentina: The CNV modernizes and simplifies the transparency regime for capital market participants.
On August 19, 2026, Argentina’s Comisión Nacional de Valores (CNV) approved General Resolution No. 1162, introducing a comprehensive update to the transparency and disclosure framework applicable to different participants in the capital market. The reform forms part of the CNV’s broader deregulation and regulatory simplification agenda and is aimed at aligning disclosure obligations with current market dynamics while improving the quality of information available to investors.
Among the main changes, the CNV updated the rules on “Hechos Relevantes”, expressly incorporating annual and interim financial statements and new events that may materially affect the payment capacity of negotiable securities. Certain information thresholds were also increased from 10% to 15%, concentrating reporting obligations on events considered more economically significant.
The reform further centralizes filings through the Autopista de la Información Financiera (AIF), modernizes communications with Markets, and extends from 10 to 15 business days certain deadlines for reporting appointments, holdings and relevant shareholdings. It also broadens confidentiality and cooperation duties in primary offerings and strengthens the framework for determining professional suitability. Notably, professional track record may now be used to evidence suitability, while the validity period of examinations and registration is unified at two years.
2. United States: The SEC proposes a tailored crypto securities regime and Treasury moves to implement the GENIUS Act.
On August 18, 2026, the U.S. Securities and Exchange Commission (SEC) proposed “Regulation Crypto Assets”, a bespoke framework for certain investment contracts involving crypto assets, referred to as “covered investment contracts”. The proposal is intended to provide a clearer path for crypto businesses seeking to raise capital while preserving the investor-protection principles of the federal securities laws.
The proposal would create two new registration exemptions: a “startup exemption” for offerings of up to
$5 million over a four-year period and a “fundraising exemption” permitting up to $75 million during any 12-month period. Both exemptions would require specified narrative disclosures, while the larger exemption would also include financial statement and ongoing reporting requirements.The SEC proposal would also establish a conditional safe harbor from the “investment contract” definitions in the Securities Act of 1933 and the Securities Exchange Act of 1934, subject to stated conditions. Qualifying offerings would also receive federal preemption from certain state securities-law registration and qualification requirements.
On August 17, 2026, the U.S. Department of the Treasury published a Notice of Proposed Rulemaking to implement Section 3 of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act). The proposal addresses who may issue, offer, sell or otherwise make available payment stablecoins in the United States, establishes rules for permitted payment stablecoin issuers and certain foreign issuers, and proposes definitions for key concepts such as “issue” and “issuer”. Comments are due within (60) days of publication in the Federal Register.
3. European Union: ESMA advances the operational implementation of MiCA through new compliance materials.
During August 2026, the European Securities and Markets Authority (ESMA) published a series of MiCA-related compliance materials as the EU continues to operationalize the Markets in Crypto-Assets Regulation. On August 5, ESMA published a compliance table on the Guidelines on market abuse under MiCA, followed by materials on the suitability assessment of shareholders and qualifying holders in issuers of asset-referenced tokens (ARTs) and crypto-asset service providers (CASPs), as well as on the classification of crypto assets.
On August 11, ESMA also published a compliance table addressing guidelines on the maintenance of systems and security access protocols under MiCA. These materials provide national competent authorities and market participants with a clearer roadmap for applying MiCA in areas including market-abuse controls, governance and suitability assessments, asset classification and operational security.
The August publications are particularly relevant to CASPs and other firms preparing for or maintaining MiCA compliance across the EU, because they translate the Regulation and associated guidelines into more concrete supervisory expectations and implementation checkpoints.
4. Uruguay: The BCU begins implementation of its VASP authorization and registration regime.
On August 21, 2026, the Banco Central del Uruguay (BCU) announced the implementation phase of the authorization regime for Virtual Asset Service Providers (VASPs). As of September 1, 2026, companies falling within the regulated scope must submit their authorization and registration applications to the Superintendencia de Servicios Financieros through a digital procedure.
The implementation follows the comprehensive VASP framework approved by the BCU in July 2026. That framework regulates activities including crypto-to-fiat and crypto-to-crypto exchange, transfers, custody and administration of virtual assets, and certain services connected with the offering of virtual assets. It also establishes requirements aimed at user protection, risk management, information security and prevention of money laundering and terrorist financing.
The substantive framework includes prudential and operational safeguards, such as minimum capital requirements, guarantees in favor of the BCU and rules for segregating client assets. Client funds may not remain with a VASP beyond the permitted period, and custodied assets may not be used without the client’s authorization. VASPs must also maintain AML/CFT controls, including customer due diligence, beneficial ownership identification, transaction monitoring, suspicious-activity reporting and the travel rule, together with information-security functions and periodic systems audits.
For fintech and crypto businesses operating in or entering Uruguay, the September 1 implementation date marks a practical compliance milestone: entities within scope must address their authorization and registration obligations before carrying out the regulated activities covered by the new regime.
