Risk Disclosure (VASP)

The user acknowledges that through the platform they may operate with digital assets of the stablecoin type, which are characterized by being linked to fiat currencies or other assets that support their value (“Virtual Assets”). These may be referred to as Digital Dollars or Digital Euros, as applicable (i.e., stablecoins pegged in dollars and euros, respectively).

Below, and in accordance with Article 36 of Title XIV, Chapter III of CNV Resolution No. 622/2013, the risks to which users will be exposed are listed:

  • Virtual Assets are highly volatile and may involve a high level of risk. Users should exercise extreme caution when operating with this type of product.

  • Virtual Assets are not covered by Law No. 26,831, except when they fall within the definition of negotiable securities set forth in Article 2 of that law, nor are they within the powers granted to the National Securities Commission (CNV) by Law No. 27,739. Consequently, the offering documents or product information have not been reviewed or approved by the CNV or by any other regulatory authority.

  • A Virtual Asset does not constitute legal tender in the Argentine Republic. It is not issued or backed by the Government or by national authorities.

  • Transactions involving Virtual Assets may be irreversible. Losses resulting from fraudulent or accidental transactions may be unrecoverable.

  • The value of a Virtual Asset depends on the willingness of market participants to exchange it for fiat currency. This implies that such value may be totally and permanently lost if the corresponding market disappears. There is no guarantee that a person who accepts a Virtual Asset today will continue to accept it in the future. Some Virtual Assets may only be accepted by certain Virtual Asset Service Providers (VASPs).

  • Price fluctuations in relation to fiat currencies may generate total losses over short periods of time.

  • Legal or regulatory changes may negatively impact the use, transfer, exchange, or value of Virtual Assets.

  • A transaction involving Virtual Assets is considered executed only when it has been recorded and confirmed by the trading platform, which may not coincide with the moment when the client initiates the transaction.

  • The digital nature of Virtual Assets exposes them to fraud attempts and cyberattacks.

  • Any technical difficulties experienced by the VASP could temporarily or permanently prevent the client from accessing their Virtual Assets.

  • The loss or theft of private keys may result in the total and irreversible loss of Virtual Assets.

  • The networks supporting Virtual Assets may experience interruptions, congestion, or technical failures, as well as cyberattacks or other incidents that affect their operation.

— USDC White Paper: https://www.circle.com/legal/mica-usdc-whitepaper