Latam Insights: South African Ponzi Scheme Boss Dies in Brazil, Argentine House Passes Crypto Tax Regularization Bill

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: South African Ponzi scheme mastermind dies of a heart attack in Brazil, the Argentine House advances crypto tax regularization bill, and Buenos Aires targets Worldcoin with a new bill.

South African Ponzi Scheme Mastermind Dies of Heart Attack in Brazil

Johann Steynberg, a South African bitcoin Ponzi scheme mastermind, reportedly passed away in Brazil after succumbing to a blood clotting condition known as pulmonary thromboembolism. At the time of his reported death, Steynberg, the CEO of the bitcoin investment platform Mirror Trading International (MTI), was under house arrest at a farm in Brazil’s Goiás state.

At the time of his death, Steynberg, who had his three-and-a-half-year jail sentence commuted, had been transferred to the farm pending his extradition hearing. As previously reported by Bitcoin.com News, the extradition hearing was expected to determine Steynberg’s next destination.

Argentine House Passes Cryptocurrency Tax Regularization Bill

Argentina might present a new opportunity for citizens to regularize previously undeclared cryptocurrency and other assets abroad. The Argentine Chamber of Deputies recently passed the so-called “Omnibus law,” which seeks to advance a series of reforms deemed important for the administration of President Javier Milei.

The bill introduces the possibility of regularizing previously undeclared cryptocurrency assets for up to $100,000 without paying the fee imposed by the government. However, if the value of the cryptocurrency assets exceeds this number, the government will apply preferential rates depending on the date of the statement of the interested taxpayers.

Buenos Aires Targets Worldcoin With Biometric Bill

Argentina’s capital and largest city, Buenos Aires, seeks to provide a regulatory framework for biometric eye-scanning companies, like Worldcoin, to operate in its territory. A bill that proposes to clarify the destiny of the collected biometric data and to secure the rights of the users of these apps has been introduced by Deputy Carlos Puglelli into the provincial legislature.

The province has indicted the iris-scanning decentralized ID project Worldcoin due to alleged law infringements. These include forcing users to approve abusive contracts and the uncertainty of the data treatment protocols adopted by the company. Touching on the first subject, Puglelli’s bill contemplates that service adhesion contracts should be “written in a clear and understandable manner, which under no circumstances may contain abusive clauses that contravene the legislation.”