Argentina regulator CNV stops peso stablecoin operations after calling it a security, halting Twin Finance and Belo exchange activities in a crypto market crackdown.
Argentina’s securities regulator stopped a peso stablecoin project after calling it an unregistered security. The decision immediately forced Twin Finance and Belo exchange to stop operations. The target of the action was the ARGt stablecoin, which promised high returns to the users before the shutdown.
CNV stops ARGt stablecoin after survey finds 32% return promotion
Argentina’s National Securities Commission, known as CNV, has considered public promotions that are associated with the ARGt virtual asset. The messages, discovered by the regulator, offered returns of up to 32% APR for the users. Therefore, the agency began an investigation on whether the token operated like an investment product, rather than a straightforward payment stablecoin.
🚨BREAKING: ARGENTINE SEC BLOCKS PESO STABLECOIN OPERATIONS
CNV regulator classifies $ARGT stablecoin as security, halting operations by Twin Finance and Belo exchange.
The peso-linked token was offering 32% APR before regulatory crackdown. pic.twitter.com/ApKPXVm5cS
— BSCN (@BSCNews) March 13, 2026
According to the official notice, a digital asset is making it a security as long as the investors hope to profit from the efforts of others. This rule is based on the Howey Test which is used by regulators to define investment contracts. Because ARGt promised profits associated with holding the token, the CNV argued that it met the definition of a negotiable security.
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The regulator also referred to Article 2 of Argentina’s capital market rules Law 26,831. This law holds any product offering public investment return must receive approval first. However, CNV said that the promotion of ARGt was done without the required authorization.
Officials also instructed Twin Finance to stop issuing the token and all offers to investors. In addition, Belo exchange was forced to suspend services that were linked with the peso stablecoin. The regulator said any future offering should comply with rules in the capital markets before reaching users.
Stablecoin Demand Remains High in Argentina Despite Stricter Crypto Rules
Argentina is currently one of the largest markets for stablecoins in the world due to the very high inflation in the country. Many people use dollar linked tokens as a parallel currency to protect savings. Due to this scenario, the regulators have stepped up their monitoring of crypto businesses operating in the country.
After the CNV order, users could no longer buy or sell stablecoins with pesos using local bank transfers. However, trading of cryptocurrencies to other cryptocurrencies remained available on some platforms.
The crackdown is also after new rules were introduced in 2026 for digital asset companies. These rules call for increased anti-money laundering regulations and registration with authorities. The new system is meant to safeguard investors while enabling innovation under supervision, regulators said.
Argentina has also recently opened the tap for global crypto firms in the country under these stricter rules. For example, Coinbase entered the country in 2025 after getting past CNV. Because of this policy, authorities now anticipate that all stablecoin projects would be subject to the same legal framework before going live.
The CNV stated that enforcement will continue if companies encourage investment products without being allowed to do so. The digital format also does not eliminate the legal responsibility under the capital market law, officials added. Therefore, the regulator warned that future high-yield stablecoins can be subject to similar action if the rules are ignored.
