Declaring crypto assets could provide favourable tax rates for citizens and legalise the use of digital currencies, regardless of their origin and storage location. This is stated in the законопроекте of the newly elected president of Argentina, Javier Milei.
Regulation of crypto assets is part of the proposed program of broad-ranging economic and political reforms. It envisages reducing spending, liberalisation and deregulation of many sectors.
In particular, Milei proposed repealing laws regulating housing rents and the supply of goods to stores, to impose a ban on export restrictions, and to abolish the Ministry of Economy’s Price Oversight division.
Opposition representatives greeted the program critically. Some even questioned the legality of scrapping a number of regulatory acts by a single decree.
According to the document, declared by 31 March digital assets будут облагаться по ставке 5%. From April through the end of June 2024 this value would be 10%, and from July through September — 15%. Timely disclosure of information suggests a reduced penalties size.
These norms apply to “crypto assets and other similar goods, regardless of who issued them, who owns them and where they were deposited and stored”.
Milei is widely regarded as a proponent of Bitcoin, in which he sees «the return of money to its original creator — the private sector».
In December, the head of Bitcoin Argentina Camilo Horacuría expressed confidence that the new president would not permit «draconian FATF measures».