Argentina’s Ministry of Justice has registered a legal entity with a capital of 0.00457621 BTC and $194.99 in USDC. This marks the first instance following the adoption of the relevant regulation.
According to Bitcoincom, Argentina’s Ministry of Justice reported that a company has been registered using cryptocurrency, the first in the country after a regulation. The company was founded with a capital of almost $500 divided into 0.00457621 BTC and $194.99 in USDC.…
— Wu Blockchain (@WuBlockchain) July 30, 2024
“We made history. We became the first country in Latin America to reach this milestone,” the ministry stated.
La Inspección General de Justicia aprobó la primera sociedad con capitales integrados en criptomonedas.
Gracias a la modernización impulsada por este Ministerio, hicimos historia. Somos el primer país de América Latina en lograr este hito.
— Ministerio de Justicia (@MinJusticia_Ar) July 25, 2024
The process differs from standard registration — cryptocurrency must be transferred and stored in custodial wallets of licensed platforms such as Lemon and Ripio.
This requirement is necessary to comply with court orders in the event of asset seizure.
In June, President Javier Milei confirmed the use of cryptocurrencies as part of an initiative to create a multilateral environment in the country. One measure included allowing cryptocurrencies for various government services, such as company registration.
Milei, who positioned himself as a Bitcoin supporter, won the presidential election in November 2023.
The new government approved the use of the first cryptocurrency as a contract currency, and the president proposed the legalization of digital assets.
However, authorities withdrew the bill on crypto tax amnesty due to a lack of consensus in parliament.