1. Argentina: The BCRA formalizes the “PSPCP as a Service” model.
On April 30, 2026, the Central Bank of Argentina (“BCRA”) issued Communication “A” 8432, introducing a new regulatory category: the “PSPCP as a Service.” This figure formally recognizes the model in which a company (a “third-party taker”) offers digital wallets or payment accounts integrated into its own platform, while a BCRA-registered payment service provider provides the underlying payment infrastructure.
Under the new framework, the third party’s clients are deemed clients of the registered PSPCP, which retains full regulatory responsibility regardless of whether user interaction occurs through an external interface. The Communication also strengthens requirements for PSP registration, as it was mentioned in our previous edition. PSPs already operating under this model had 10 business days from April 30 to notify the BCRA of their list of third-party clients. All registered PSPs have 90 calendar days to adapt to the new requirements.
2. Argentina: The government introduces a bill to block crypto payments to unauthorized gambling platforms.
The Argentine Executive Branch submitted to Congress the Bill for the Prevention of Gambling Addiction and Regulation of Online Gambling. The proposal expressly prohibits financial institutions, payment service providers, and virtual asset service providers from offering their services to gambling operators that lack a valid license within the national territory. Criminal penalties of up to six years of imprisonment are contemplated for those who facilitate payment infrastructure to unauthorized platforms.
The bill follows the access restriction ordered against Polymarket in March 2026, in which a Buenos Aires court blocked the prediction market platform on the grounds that it operated outside Argentina’s gambling regulatory framework.
3. U.S.: The CFTC issues a policy statement on the listing of perpetual contracts.
The Commodity Futures Trading Commission (“CFTC”) issued a policy statement describing its views on the listing of perpetual contracts, simultaneously with an order authorizing the listing of a perpetual contract referencing the spot price of bitcoin as a futures contract on a designated contract market. The policy statement clarifies that perpetual contracts referencing asset classes not contemplated in the order will be subject to the case-by-case review process established under Commission Regulation 40.3.
4. U.S.: The White House issues an Executive Order to integrate fintech innovation into regulatory frameworks.
On May 19, 2026, President Trump signed the Executive Order No. 14405 directing federal financial regulators (including the CFPB, SEC, CFTC, FDIC, and OCC) to review existing regulations, guidance, and application processes with the goal of reducing barriers to entry for fintech firms and facilitating their integration with federally regulated financial institutions. Each regulator has 90 days to identify rules and practices that impede fintech-bank partnerships or obstruct access to bank charters, deposit insurance, and other federal licenses, and 180 days to take concrete steps based on that review.
The order also requests the Federal Reserve to evaluate the legal framework governing direct access by fintech firms and digital asset companies to Reserve Bank payment accounts and services, and to submit a report to the President within 120 days. If existing law permits such access, the Fed is directed to establish transparent application procedures with decisions on complete applications within 90 days.
5. EU: MiCA’s hard compliance deadline approaches for stablecoin issuers.
July 1, 2026 is the deadline for stablecoin issuers operating in the European Union to obtain formal authorization under the Markets in Crypto-Assets Regulation (“MiCA”), or face delisting from trading platforms. The European Securities and Markets Authority is currently integrating its transitional register into the permanent supervisory system ahead of that date.
Tether, the largest stablecoin issuer globally with approximately $185 billion in supply, has stated it does not intend to seek MiCA authorization. Under MiCA, stablecoins pegged to a single currency are classified as e-money tokens and must be issued by a licensed entity holding full reserve backing, subject to EU-wide redemption and disclosure obligations.
