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The Argentinean government has imposed a new tax law that requires every resident of the country to report monthly cryptocurrency transactions and wallet balances. The rule went into effect on July 1st and is only one of a few new regulations that have been imposed by the South American government.

Argentina’s tax authority is requesting that cryptocurrency exchanges in the country submit monthly transaction reports and list wallet balances of users. The Argentine Security and Exchange Commission (CNV) sent a letter to local cryptocurrency exchanges on December 14, 2017, requesting monthly reports and wallet information. The request is part of the Argentine government’s efforts to tax citizens’ capital gains and other income generated from cryptocurrencies. The CNV has instructed exchanges in Argentina to disclose to the agency information on deposits and withdrawals on a monthly basis. Exchanges in the country must also provide the agency with data on each user’s name, nationality, and tax ID number. The CNV’s request is in line with similar efforts throughout the world to track cryptocurrency transactions and wallets. In Japan

Argentinean Tax Body Asks Domestic Cryptocurrency Exchanges to Report Monthly Transactions and Wallet Balances

Local tax authorities may soon hunt down tax evaders who trade in cryptocurrencies in Argentina, after a notice was sent to local cryptocurrency exchanges. The Federal Finance Administration (FFA) has asked them to report all virtual currency transactions on a monthly basis.

Payment gateways are also subject toregulations

According to Bae Negocios, the regulator has issued and sent Form 8126 to every digital asset exchange in the country to comply with the new regulations. Enterprises must complete the form by the 15th of the month following the reference month.

The report states that exchanges must report the list of accounts they use to identify each client; subscriptions, cancellations, and changes that occur; total revenues, expenses, and monthly balances of the closing portfolio.

Interestingly, Mercado Pago, an in-house payment gateway that allows users to buy cryptocurrencies such as bitcoin (BTC) via peer-to-peer (P2P) platforms, is under scrutiny by AFIP.

Will Argentina be regulating crypto currency soon?

The measure was announced after the Central Bank of Argentina (BCRA) asked domestic banks to provide information on their customers using bitcoin and other transactions with digital assets in April 2021.

The request is to consider whether the cryptocurrency market should be further regulated, suggesting that Argentine authorities are looking for ways to regulate the local virtual currency space.

Despite the expectation of regulations to control companies offering virtual assets in Argentina, the country continues to show a growing interest in this market.

Bitcoin.com News recently reported that most Argentines are buying BTC, as well as stable currencies pegged to the dollar, such as Dai (DAI), Usd Coin (USDC) and Tether (USDT).

The cited report notes that Argentina’s preference for stablecoins accelerated in 2019 due to the country’s restriction on purchases in U.S. dollars.

What do you think of the measure announced by the Argentine tax authorities? Let us know your comments in the section below.

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