The CNV analyzes the regulation in cryptocurrencies

The CNV analyzes the regulation in cryptocurrencies

There are currently three types of crypto instruments regulated in the local market:

one. Mutual funds: portfolios made up of papers related to digital assets.

two. ETFs

3. futures contracts: An index that follows some of the virtual currencies such as Bitcoin. This option is available today on the Chicago Market, the world’s largest futures market.

The objectives pursued by the CNV are: to support the development of innovation and the exchange between innovative entities and the regulator, promote innovations that foster inclusion and financial education; and, finally, protect investors from the risks associated with new technologies. For crypto investors, the tax benefit is not ruled out.

The regulatory landscape in Argentina in relation to crypto assets from a tax perspective is still quite green, there is no rule that defines the concept of virtual currency in a clear and concise way.

Local exchanges, as well as payment service providers, are required to submit the information regime on their transactions on a monthly basis according to AFIP Resolution 4164/2019. The Income Tax covers operations carried out in cryptocurrencies since the law considers the result of the purchase-sale of “digital currencies” to be a profit.

As for the Value Added Tax (VAT), people who operate with cryptocurrencies are not covered, but the fees charged by exchanges to their users are covered by VAT.

Source: Ambito

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