Crypto Firms to report all activities- Argentina’s tax body

Crypto Firms to report all activities- Argentina’s tax body

There are reports that operations of cryptocurrencies such as Bitcoin, will soon be subject to scrutiny by Tax authorities in Argentina.

Domestic crypto exchanges and payment firms to provide monthly reports of all kinds of operations by users on their platforms, as ordered by Argentina’s Federal Administration of Public Income and as reported on Tuesday, by Buenos Aires Económico

Virtual currency service providers are to maintain regular lists of all user accounts and identity verification of clients, as well as their income, expenses, and monthly balance, per a notice to local crypto firms by the authority.

Information regime form 8126 comprising data about administration and intermediation of virtual accounts, virtual wallets, investment and financing were cited by Argentina’s Federal Administration of Public Income.

The report stresses that the AFIP’s crypto regulation relates not only to cryptocurrency exchanges but also payment processors including popular crypto-friendly payment application Mercado Pago. Companies will have to file all necessary information each month by the 15th of the following month, the report notes.

The news comes against the backdrop of the crypto industry booming in Argentina amid the country’s economic downturn, inflation, and the massive devaluation of the Argentine peso. In late April, Mercado Libre, the largest Latin American online marketplace, launched a real estate section dedicated to crypto, potentially ushering a new wave of crypto adoption in its top three markets, Brazil, Argentina, and Mexico. Previously, local digital asset company Ripio acquired major Brazilian crypto exchange BitcoinTrade.

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