The Lower House of Argentine Parliament Approves Bill on Cryptocurrency Taxation
The lower house of the Argentine parliament has approved a bill that could change the rules for cryptocurrency owners in the country. If this bill is approved in the upper house as well, Argentinians will be able to legalize their cryptocurrency assets without paying taxes.
New Rules for Cryptocurrency Taxation
According to the new rules, if the value of cryptocurrency holdings does not exceed $100,000, owners will not have to pay any taxes. If the amount of assets is higher, preferential tax rates will apply to the excess. The specific rates depend on the date of asset legalization: the minimum rate will be 5% for assets legalized before September 2024, and the maximum rate will be 15% for assets legalized in the first quarter of 2025.
Part of Larger Financial Reforms
This bill is part of a larger «Consolidated Law» on financial reforms, which was presented to Congress in February by the administration of the new president, Javier Milea. Initially, the tax chapter was excluded from the project due to disputes among lawmakers over the economic consequences.
Further Steps
The bill is now headed to the Argentine Senate for further consideration. At the same time, local authorities are demanding that cryptocurrency companies undergo mandatory registration with the National Securities Commission (CNV). Firms that ignore this registration will be required to cease their operations in the country.
