1) Argentina: The BCRA introduces a centralized fraud-risk score for payment and account services.
The Banco Central de la República Argentina (“BCRA”) issued Communication “A” 8473, which establishes a fraud-risk scoring mechanism for electronic payments. The BCRA will provide monthly information, free of charge, to the administrators of immediate payment schemes, which must combine it with transaction data to build a fraud-risk score associated with each taxpayer identification number.
Financial entities and payment service providers offering payment accounts (known as PSPCPs), such as digital wallets, must apply the score in three areas: (i) onboarding of new customers and account opening; (ii) transaction monitoring; and (iii) periodic portfolio reviews. The communication provides that decisions may not be based exclusively on the score, so each institution remains responsible for its own fraud-prevention controls. Scheme administrators have 120 days to implement the system, while entities have between 60 and 90 days depending on the requirement, counted from receipt of the technical documentation. Compliance must be reviewed annually by internal audit, and non-compliance may give rise to sanctions.
2. United States: The SEC and the CFTC advance rules on tokenization and blockchain-based recordkeeping.
On September 1, 2026, the U.S. Securities and Exchange Commission (“SEC”) proposed a comprehensive modernization of the rules governing registered transfer agents, the entities that maintain records of securities ownership and process transfers on behalf of issuers. These rules date back to the late 1970s and early 1980s. The proposal would update registration and recordkeeping requirements to reflect the use of electronic systems and blockchain technology in securities transactions, including transactions involving tokenized securities (securities represented as digital tokens on a distributed ledger). The proposal is subject to a 60-day public comment period
On September 24, 2026, three divisions of the Commodity Futures Trading Commission (“CFTC”) updated their staff frequently asked questions (“FAQs”) on the use of crypto assets and blockchain technology by registrants. The new guidance allows futures commission merchants and derivatives clearing organizations to invest customer funds in tokenized versions of permitted investments, provided the tokenized form meets the requirements of CFTC. It also confirms that registrants may use blockchain or other distributed ledger technology to keep required books and records without separate off-chain copies, as long as the records remain authentic, reliable and producible even during network disruptions. Staff also clarified that tokenization does not by itself make an asset eligible as margin collateral.
3) United States: SEC clarifies when crypto assets fall outside the securities laws.
On September 25, 2026, the SEC’s Division of Corporation Finance published a set of staff FAQs on crypto assets. The FAQs explain how the interpretation the Commission issued in March 2026 applies to specific scenarios; that interpretation distinguished between securities, digital commodities and investment contracts. According to the FAQs, staking receipt tokens may fall outside the securities laws when they represent ownership of an underlying digital commodity on a functional network. Staking receipt tokens are tokens issued to holders as evidence of assets they have staked. Once a network is functional, post-launch activities such as maintenance, upgrades and development funding generally would not constitute the “essential managerial efforts” relevant to determining whether an investment contract exists. The same applies to token buybacks carried out after the network becomes functional. The FAQs also indicate that listing a token does not by itself make a trading platform a “promoter”. General marketing statements about existing or planned features, without a promise of profits, would generally not trigger securities-law treatment. The FAQs reflect staff views only and have no legal force or effect.
4) Brazil: The BCB tightens oversight of virtual asset service providers and self-custodied wallets.
On September 23, 2026, the Banco Central do Brasil (“BCB”) published Resolutions BCB No. 588 and No. 589, amending the regulatory framework for virtual asset service providers (“VASPs”) adopted in 2025. Both resolutions enter into force in October 2026.
Resolution No. 589 amends Resolution BCB No. 520/2025 on VASPs. From November 6, 2026, BCB-authorized financial and payment institutions may not carry out or facilitate operations with counterparties providing virtual asset services that are not authorized to operate in Brazil, subject to the exceptions set out in the regulation. The resolution also expands reporting obligations, including client positions, custody data for assets held in Brazil or abroad, verifiable proof of reserves and information on client assets allocated to staking; these reporting requirements apply from January 2027.
Resolution No. 588 amends the anti-money laundering and counter-terrorist financing rules and requires mandatory reporting to COAF, Brazil’s financial intelligence unit, for transfers of virtual assets to or from self-hosted wallets (wallets in which the user controls the private keys) of USD 10,000 or more, regardless of whether the transaction is considered suspicious. Separately, Resolution BCB No. 561, which introduces restrictions on the use of virtual assets in certain FX transactions with foreign counterparties, also enters into force on October 1, 2026.
