1. Argentina: The CNV completes its “Big Bang” regulatory package, expanding the tokenization regime and introducing local ETFs for the first time.
Argentina’s National Securities Commission (“CNV”) issued a series of resolutions described as the “Big Bang” of Argentine capital markets regulation. Resolution No. 1150/2026 expanded the existing tokenization regime, extending it to a broader range of instruments, including all securities issued under automatic authorization regimes, covering low and medium impact regimes for the first time, as well as the newly introduced CEVA ETPs (exchange-traded products structured through certificates of value) and FCIA ETFs (open-end mutual funds that track an index or benchmark and trade on a stock exchange). The regulatory sandbox for tokenization was also extended through December 31, 2027.
2. Argentina: A new tax exemption from the financial transaction tax is extended to registered VASP.
The recently Decree No. 475/2026 extended the exemption from Argentina’s financial transaction tax (Impuesto sobre los Débitos y Créditos Bancarios) to Virtual Asset Service Providers (“VASPs”) formally registered with the CNV. Until now, VASPs operating through standard bank accounts bore the full cost of the tax, creating a significant competitive disadvantage relative to traditional financial institutions, which had historically benefited from exemptions. The measure applies exclusively to CNV-registered VASPs, reinforcing the regulatory incentive to formalize operations under the existing VASP framework.
3. U.S.: The CFTC approves the first onshore Bitcoin perpetual futures contract.
The Commodity Futures Trading Commission (“CFTC”) issued an Order for Approval to KalshiEX, LLC (a designated contract market) for the listing of the BTCPERP Contract, a perpetual futures contract referencing the spot price of Bitcoin. Unlike traditional futures contracts, perpetual contracts have no fixed expiration date and can be held indefinitely, with periodic funding rate payments used to keep the contract price anchored to the underlying spot price. The Order was issued under Section 5c(c)(4) of the Commodity Exchange Act and Commission Regulation 40.3. The CFTC noted that the perpetual contract design may not be suitable for all asset classes, and encouraged market participants to submit for Commission review any perpetual contract on assets not contemplated in the Order.
4. Brazil: The DeCripto mandatory crypto reporting framework enters into force.
The Brazil’s Federal Revenue Service (Receita Federal) implemented DeCripto, a new standardized crypto-asset reporting framework established under Normative Instruction No. 2,291/2025, replacing the previous reporting regime. The new framework significantly expands reporting obligations by requiring detailed information on a broad range of crypto-asset transactions, including crypto-to-crypto exchanges, crypto-to-fiat conversions, transfers and payments, and is structurally aligned with the OECD’s Crypto-Asset Reporting Framework. This alignment is intended to facilitate the future automatic exchange of crypto tax information with other participating jurisdictions under applicable international agreements. The reform follows the implementation of Brazil’s VASP licensing framework, further strengthening the country’s position as one of Latin America’s most comprehensive crypto regulatory regimes.
5. EU: MiCA’s transitional period expires, restructuring the European crypto market.
June 30, 2026 marked the final day of the transitional period under the Markets in Crypto-Assets Regulation (“MiCA”) across all EU Member States. As of July 1, 2026, any entity providing crypto-asset services in the EU without authorization as a Crypto-Asset Service Provider is no longer permitted to operate under the transitional regime and must cease providing regulated crypto-asset services. ESMA confirmed in April 2026 that no further extensions would be granted. Industry estimates indicate that only around 17% of the more than 1,200 entities holding national VASP registrations had obtained full CASP authorization by the deadline.
