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- New categories for crypto include “Cryptographic Validation Services” for mining and “Cryptocurrency Custody Services” for storage.
- Additional listed activities involve direct trading and facilitation services for managing cryptocurrency transactions via digital platforms.
On November 29, the Argentine Revenue and Customs Agency (ARCA), previously known as AFIP, updated its “Clasificador de Actividades Económicas” (CLAE), which categorizes various economic activities for fiscal oversight. This recent update is significant because it includes, for the first time, specific activities related to cryptocurrencies.
The CLAE functions as a comprehensive catalog that organizes and assigns a unique code to each commercial and productive activity in Argentina. Entities involved in these activities must register under the designated codes, which facilitates accurate tax documentation and regulatory compliance.
The regulation issued by ARCA takes into account the growing integration of technologies in various areas of the economy observed in recent years, together with the greater diversification and evolution of operational and commercial processes developed by taxpayers.
As we have reported in CNF, with this update, ARCA has added categories that directly pertain to the cryptocurrency sector. Among these are crypto mining, defined in the registry as:
“Cryptographic Validation Services for Data and/or Transactions Related to Cryptocurrencies,” and cryptocurrency custody services, listed as “Cryptocurrency Custody Services.”
The revision also identifies other crypto-related activities, including “Buying and Selling Cryptocurrencies on One’s Own Account,” which covers peer-to-peer (P2P) transactions. Additionally, it specifies:
“Services Designed to Facilitate the Management of Transfers, Buying, Selling, Investment, and/or Exchange of Cryptocurrencies Through Electronic Management Platforms, Digital Portals, and/or Mobile Applications,” typically tasks associated with Virtual Asset Service Providers (VASPs).
Updated Economic Classifications for Digital and Cryptocurrency Services in Argentina
The Argentine Revenue and Customs Agency has updated its economic activity classifier to include a variety of services related to crypto platforms and cryptocurrencies.
The revised classifications now encompass door-to-door messaging services managed via digital platforms, development and maintenance of digital platforms and apps, and various cryptocurrency-related services including cryptographic validation of data and transactions both related and unrelated to cryptocurrencies.
Additionally, the classification details services for cryptocurrency mining power leasing, cryptocurrency custody, and intermediation in non-financial transactions through crypto platforms.
It also includes provisions for credit services provided by non-financial entities via digital means, direct trading and brokerage of cryptocurrencies, and support services for managing cryptocurrency transactions.
Finally, it recognizes the economic activities of content creators, specifically those producing, editing, and distributing audiovisual content through social networks and digital platforms.
The agency’s official communication emphasizes that the update responds to the increased use of technology in various economic sectors, reflecting the evolving needs and behaviors of taxpayers. The inclusion of these new categories into the economic classifier aims to improve regulatory oversight of the burgeoning digital asset sector.
It’s important to clarify that the recognition of these activities in the economic classifier does not alter the tax obligations for those involved in cryptocurrency transactions or ownership.
The main objective of the update is to clarify registration requirements for individuals and entities engaging in these digital activities, though it does not change their tax treatment, which remains complex and filled with ongoing uncertainties.
