The Argentine Federal Revenue Service (AFIP) will oblige exchanges and companies that work with cryptocurrencies to report monthly all their transactions with bitcoin and other cryptocurrencies. The information was published on the website Bae Negocios on Tuesday (11).
The measure is similar to Normative Instruction 1888 (IN 1888), which determines that Brazilian brokers must send the monthly volume of operations in the month to the Federal Revenue Secretariat. United States, Israel and Indonesia have similar standards.
The Argentine regulatory body, however, does not focus only on cryptocurrency exchanges, but also on companies that operate in other areas, such as payment, as indicated in the instructions on “Form 8126”, available on the Electronic and Digital Management Platform of AFIP. Data must be reported by the 15th of the month following the reported month.
Through them, AFIP will have access to the registration of companies that administer, manage, control or process asset movements from electronic or digital management platforms, in the name and order of individuals or legal entities resident in Argentina or abroad.
The main areas involved are: payment and transfer companies; virtual wallets; investments; loans; and cryptocurrency brokers. They must provide information on the list of accounts with which customers are identified, registrations, cancellations and modifications; and the weighted amounts of revenues, expenses and the final monthly balance of the accounts, says the normative instruction page.
Bae Negocios also said that two similar bills that seek to establish a regulatory framework for cryptocurrencies are also being processed by the Argentine Chamber of Deputies. One of them was prepared by deputy Ignacio Torres; the other by parliamentarians Liliana Schwindt and Marcos Cleri.
Cryptocurrencies in Argentina
The economic problems in Argentina have led the citizen to appreciate cryptocurrencies more as an alternative way of reserving value.
Inflation and dollar control, for example, made bitcoin interest in search engines break records in the country earlier this year.
Ripio – one of the largest Argentine cryptocurrency brokers – closed 2020 with more than 1 million users after the purchase of the Brazilian exchange BitcoinTrade. The data was revealed by the company's CEO, Sebastian Serrano, in an interview with the Bitcoin Portal.