The Government ratified the decision that cryptocurrency contracts can be agreed in the country and they estimate that Argentines already have more than US$100,000 million in digital money. This data coincides with the increasing amount of consultancies specialized in cryptoassets.
The DNU signed by President Javier Milei already made it possible to sign contracts in any currency. This possibility not only allows you to collect and pay in dollars, but also in cryptocurrencies.
But, to do so, those digital assets must be previously declared before the AFIP. And here a big problem appears, because the majority of crypto assets They are not registered in the country.
Cryptocurrencies: tax officials and sector sources give their warnings
Thousands of professionals who provide services abroad – most of them linked to the world of programming and computing – are in that gray area.
There are professionals who receive payments on platforms where the money is not declared before the AFIP, through accounts opened in companies such as Payoneer Global Inc -an American financial services company that offers online money transfers and digital payments-, which these days is on the front pages due to the enormous fraud carried out on many of its Argentine clients and other countries by alleged hackers.
In order to use these cryptocurrencies, They must be declared, pay for Personal Assets, declare the sale and results and pay income taxes.
Pablo Reyes, CEO of crypto wallet SaldoAr, warned that “those who want to enjoy the benefits” that cryptocurrencies bring “will have to expand theiru responsibility in providing clarity about a sector that has been characterized by its informality.” Along these lines, he estimated that in Argentina there are more than US$100,000 million in untaxed crypto.”
Foreign Minister Diana Mondino said that Argentines can now sign contracts in cryptocurrencies. For Manuel Beaudroit, CEO from the Belo app, “enabling signing contracts in other currencies gives more certainty, flexibility and openness.”
The Government’s measure was a strong boost for these digital assets. But it must be taken into account that before paying a salary or paying for a service in crypto, the origin of the funds must be justified.
“Cryptocurrency is another good in the economy and is recognized in the tax laws. Profits are the income generated by the cryptocurrency in the second category. There is even a 2022 opinion from the AFIP that maintains that the treatment that must be given to cryptocurrency in personal assets is as a financial instrument. People have the obligation to declare it.”warned Félix Rolando, tax expert and partner at the consulting firm Andersen.
Another issue to take into account is that international regulations on money laundering take cryptocurrencies into account, to the point that various national, continental and global agencies may require crypto platforms and exchanges to comply with ccertain standards for crime prevention. These regulations require collecting information about senders and recipients of crypto transactions, as well as the holders of cryptocurrency wallets.
AFIP: what happens if the cryptocurrency is not declared
If the cryptocurrency is not declared before the AFIP and the taxpayer is subject to the tax did not pay profits on the tax result from the sale, nor the tax on Personal Property on its possession as of December 31 of each year, alternatives appear when attempting to sign a contract.
– One is to enter the money laundering proposed by the Government in the Omnibus Lawan initiative that has not yet been approved or regulated, and declare cryptocurrencies before signing a crypto contract.
– If, however, a contract in undeclared digital currency, The property acquired in laundering could also be declared.
Whatever the case, at least the laundering project (Asset Regularization Regime) becomes law and its subsequent regulation.
Cryptoasset contracts: are they really worth it?
As Bitcoin is a very volatile asset, the crypto industry believes that it may not be the most suitable digital currency for signing contracts. Instead, they believe that stablecoins tied to the dollar rate can provide more predictability. They are “stablecoins”.
These cryptos allow you to have income with reference to dollars without exposing yourself to inflation and the permanent devaluation of the peso, but also without being at the mercy of Bitcoin’s volatility.
For defenders of controversial stable cryptoassets, beyond the predictability of their price, they are tools of very low risk, easy to store and use, that offer high liquidity and maximum operating speed and, above all, without transaction hours.
Source: Ambito
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