Argentinean Tax Body Asks Domestic Cryptocurrency Exchanges to Report Monthly Transactions and Wallet Balances – Regulation Bitcoin News


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

The local tax authority could soon hunt tax evaders who trade cryptocurrencies in Argentina following a notice sent to domestic crypto exchanges. The Federal Administration of Public Revenue (AFIP) ordered them to report all virtual currency-related transactions every month.

Payment Gateways Are Also Subject to the Ruling

According to Bae Negocios, the watchdog issued a “Form 8126” and forwarded it to every single digital asset exchange operating in the country to comply with the new ruling. Companies will have until the 15th of the month following the month reported to fill out the form.

The report states that exchanges should report “the list of accounts with which they identify each of the clients; registrations, cancellations, and modifications that occur; total amounts of income, expenses and final monthly balance” of the wallets.

Interestingly, Mercado Pago, a domestic payment gateway that users can use to buy cryptos such as bitcoin (BTC) via peer-to-peer (P2P) platforms, will be subject to the scrutiny of the AFIP.

Is a Crypto Regulation Coming to Argentina Soon?

The measure is announced after the Central Bank of Argentina (BCRA) asked in April 2021 domestic banks to forward them information about its customers who deal with bitcoin and perform any other kind of digital asset transactions.

Such request aims to evaluate whether the crypto market “should be required for an even bigger regulation or not,” suggesting that Argentinean authorities are assessing ways to regulate the local virtual currency sphere.

Despite forthcoming rulings on scrutiny among the virtual asset companies in Argentina, the country keeps showing an increased interest in such a market. News reported recently that most Argentineans buy BTC, but also USD-pegged stablecoins, such as dai (DAI), usd coin (USDC), and tether (USDT).

The cited report pointed out that stablecoin preference in Argentina started to gather momentum in 2019 due to the US dollar’s buying cap imposed in the country.

Tags in this story
Argentina, argentina bitcoin, argentina cryptocurrency, Argentina economy, Central Bank of Argentina, Cryptocurrency Taxation, Latin America

What do you think about the measure announced by the Argentinean tax body? Let us know in the comments section below.

Felipe Erazo

Born in Colombia, Felipe earned a degree in journalism at the University of Chile with the highest honor in the overall ranking and holds a Bachelor of Arts in Social Communication. He is a writer with more than nine years of experience, first in the Forex field and later in the crypto industry as an analyst/news junkie. Among his interest topics include human rights, decentralization, financial markets, geopolitics, sports, and new technologies. An inveterate traveler, and always attracted to a good plate of food.

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