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Argentina Will Force Citizens To Declare Their Crypto Assets

source-logo  cryptonews.net 11 January 2023 10:19, UTC
Anna Martynova

The Argentine Ministry of Economy, which is responsible for the country's economic policy, has drafted a bill encouraging Argentines to declare their crypto holdings using inducement of discounted tax rates. According to a January 6 report from the local newspaper Errepar, the bill was initiated by Economy Minister Sergio MASSA. The bill aims to tighten money laundering rules in the country. It will be submitted to the upcoming parliamentary session, where the Frente de Todos ruling coalition has a slender majority.

The terms of the bill state that citizens will be "encouraged" to declare their assets, financial assets such as stocks, and crypto assets. Declarations will be completely "voluntary". But failure to declare assets and tokens could result in an investigation by the Federal Administration of Public Revenues (AFIP), the country's tax authority.

Those who voluntarily declare their holdings within 90 days of the law going into effect will only pay a 2.5% capital gains tax on their crypto holdings. This tax rate will gradually increase every 90 days until it reaches 15%, the country's standard capital gains tax rate. The proposed law would force both domestic and foreign assets to be placed with approved banks either in Argentina or foreign banks regulated by that jurisdiction's central bank or securities commission.

Image: El Cronista