New Regulations in Argentina Outline Process for Declaring Previously Hidden Assets, Including Crypto

Argentina has introduced new regulations governing the inclusion of previously undeclared assets. Including cryptocurrency, in its tax system. 

Under the recently passed Omnibus Law, Argentine taxpayers can now declare cryptocurrency assets valued under $100,000 without incurring taxes, provided the assets are held with registered Virtual Assets Service Providers (VASPs). These VASPs must be listed in the registry launched by the National Securities Commission (CNV) in June. The law stipulates that funds held in unregistered international exchanges must be transferred to registered exchanges to qualify for these benefits. 

Minister of Economy Lusi Caputo clarified that amounts exceeding $100,000 will be subject to taxes. Unless they are integrated into the Argentine financial system or allocated to specified investments by 2026. Declarations under these rules must be made by March 31 to qualify for the benefits outlined in the law.

Clever Robot News Desk 17th July 2024

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