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- Bill in Argentina seeks to regularize undeclared cryptocurrencies, including bitcoin, under a new tax regime.
- The proposal would allow legal use of regularized cryptoassets in Argentina, boosting the economy and providing legal clarity.
The Argentine government, led by Javier Milei, has presented a bill that could change the game for cryptocurrency investors and users in the country. This project, called “law of bases and starting points for the freedom of Argentines”, seeks to establish a legal framework for the regularization of assets, specifically including cryptocurrencies, cryptoassets and similar assets. The proposal is an important financial step in Argentina’s financial history and could have a significant impact on how cryptocurrencies are handled and perceived in the country.
The main issue with this proposal is the inclusion of cryptocurrencies in the asset regularization regime, commonly known as money laundering. This means that those who own cryptocurrencies, including bitcoin, which have never been declared before, could have the opportunity to regularize their situation with the tax authorities.
It is a move that not only recognizes the importance and prevalence of cryptocurrencies in the modern financial world, but also offers an opportunity for those who have kept their assets in the shadows until now.
Milei’s proposal not only covers traditional cryptocurrencies such as bitcoin, but also opens the door to other types of digital assets, such as non fungible tokens (NFT) and other types of tokens .
The draft indicates that for the regularization of these cryptocurrencies or cryptoassets, it will not matter who was their issuer, who is their holder or where they have been deposited, held or stored. This flexibility is crucial to address the diverse and often complex nature of the cryptocurrency market.
From a tax perspective, the regulation could offer significant benefits for those users who hold a large amount of cryptocurrencies that have never been declared. The project seeks to facilitate the declaration of these holdings and potentially save users from paying some taxes.
Moreover, this regularization not only benefits individual users, but also has the potential to benefit the Argentine State. The regularization of these assets could inject a significant amount of “white” money into the country’s formal economy, which could have positive effects on Argentina’s financial stability and economic growth.
Marcos Zocaro, a lawyer and member of the NGO Bitcoin Argentina, explained that laundering allows individuals to regularize obtained and undeclared funds by paying a penalty that will allow them to use the money freely in the country.
This aspect is especially relevant for cryptocurrency users, as it offers them the possibility to regularize their digital assets and use them in the country for different purposes, such as buying a car or a house.
Another important aspect of the proposed regulation is the establishment of a single taxable base for the “Special Regularization Tax”. For cryptocurrencies, this base will be calculated based on the market value on the date of regularization or their acquisition value, choosing the higher of the two. This ensures a fair and accurate valuation of digital assets for tax purposes.
With the filing of the bill, the legislative process in Argentina has begun for this proposal to move towards its approval and eventual implementation. If signed into law, this bill will confirm the Milei government’s intention to allow the free trading of cryptocurrencies and other assets in the country, forming part of a broader economic openness strategy pushed by the president.
Recently, the Milei government also confirmed that bitcoin contract pacts and other assets would be authorized, as part of a Decree of Necessity and Urgency. This measure is a reflection of the growing acceptance and legitimization of cryptocurrencies and other digital assets in Argentina.
The bill presented by Milei represents a breakthrough in the regulation of cryptocurrencies in Argentina. It offers an opportunity for cryptocurrency users to regularize their assets, while providing a clear legal framework and benefits for both individuals and the state.
This is a step forward in the integration of cryptocurrencies into Argentina’s formal financial system, and could serve as a model for other countries seeking to regularize and leverage the benefits of digital assets.
