The Argentine Fintech Chamber In a meeting with journalists he presented the advances of collaborative work with public organizations –UIF and CNV– for standardize self-regulation practices and promoted a tax reform proposal, which includes exemptions and adjustments to the current norm, to complement the bill that has half a penalty for the prevention of money laundering.
It should be noted that this happens within the framework of the visit of the delegation of the Financial Action Task Force (FATF) to Argentina to review the country’s alignment with its requirements regarding the prevention of money laundering and terrorist financing.
“The endorsement of the FATF is essential, both for the State and for local companiessince it would prevent them from facing limits in access to credit from multilateral organizations or in international trade, for example,” they explained from the Camera.
On the other hand, from the meeting they highlighted that it is expected that The Senate finally approves the reform of Law 25,246 on “Prevention of Money Laundering and Financing of Terrorism” (Plaft)which already has half a sanction in Deputies.
This reform included changes to the Penal Code and other administrative modifications. Among these changes he introduced the figure of Virtual Asset Service Providers (PSAV)which groups exchanges as obligated subject before the Financial Information Unit (UIF) and registered before the National Securities Commission (CNV).
UIF, CNV and private sector: what was the collaborative work like?
Maria Sol MasLegal and Technical Advisor of the Argentine Fintech Chamberin dialogue with the media, said that the three areas have been developing joint work with working groups and that the project to reform Law 25,246 has been coming since May 2022.
“We have a good dialogue, we are working on a general regulation. The FATF itself asks that the processes be public and private. This standard incorporates a specific recommendation for virtual assets that are not regulated today.“Mas explained.
Tax reform: the House proposal
The Chamber also released a tax proposal that proposes a series of adjustments. As he explained Fernando Quiroga Lafargue, Coordinator of the Chamber’s Tax Commission: “It is a facilitating standard for the sector since it presents a more favorable framework for investors.”
Income Tax
They propose exclude from Income Tax the results of Argentine sources obtained by individuals and undivided estates from the purchase and sale and returns of virtual assetsprovided that a PSAV registered with the CNV is involved.
Regarding the valuation of virtual assets in the tax balances of companies, It is proposed that the acquisition cost be taken and the gain recognized only at the time of realization of the asset., and not by its mere possession. This would avoid computing purely accounting gains or losses, due to the volatility of some virtual assets.
Personal property tax
It is proposed andximir of the Personal Property Tax on holdings of virtual assets that, as of December 31 of each year, are stored and/or guarded by a PSAV registered with the CNV.
“This measure, in addition to being equitable in relation to other investment products, will serve to encourage savers to consider investment alternatives other than the dollar and, at the same time, consolidate the development of the crypto industry in our country,” they explained.
Tax on bank debits and credits
It is proposed eliminate any limitation on the full exemption of the collection accounts of the PSAVs registered with the CNVas happens with other intermediaries in regulated assets.
Source: Ambito
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