People who launder cryptocurrencies will be able to do so without paying penalties up to the sum of US$100,000.
The National Government published this Friday in the Official Gazette the regulatory decree of Law 27,743, known as the Money Laundering and Tax Moratorium Law. This regulation establishes the conditions and procedures for the implementation of the Exceptional Regularization Regime of Tax, Customs and Social Security Obligations, as well as the Asset Regularization Regime.
One of the holdings that can be laundered are cryptocurrencies, such as Bitcoin. The regulations, published this Friday, indicate that those that are in the custody of one of the Virtual Asset Service Providers (VSPs) can be made public. registered with the National Securities Commission (CNV).
Carlos Peralta, responsible for Public Policies of Bitso Argentinaexplained in this regard: “For the first time, the possibility of adding crypto to the so-called money laundering was included, recognizing that cryptocurrencies are instruments chosen by millions of Argentines to save and invest and they are here to stay. This is a key step towards integrating them into a comprehensive, intelligent, clear and reliable regulatory framework.”
Furthermore, it is established that Crypto “laundering” is only possible if assets are held in local Virtual Asset Service Providers (VASPs) in the newly created record.
“This strengthens the local crypto ecosystem, promoting healthy competition between PSAVs, which at the end of the day guarantees greater security for users and encourages financial inclusionallowing the use of cryptocurrencies and protecting those who are not experts on the subject,” Peralta said.
On the other hand, specialists announced that the Regularization of assets up to US$100,000 does not generate a tax and frees them from paying taxes that they had omitted to pay in the past. At the same time, they pointed out that The regularization of assets eliminates liability for tax, exchange and customs violations and/or crimes that originate from the regularized assets.
“The inclusion of cryptocurrencies in money laundering has the potential to transform the virtual asset landscape in Argentina, as it formally integrates them into the financial system and legitimizes their use”he indicated to Ambit Matias Martos, Head of Marketing and Communications, Fiwind.
Martos considered that “by providing this legal framework and its tax benefits, “a step forward is being taken in the area of adoption in the country.” “Especially for those who had already decided to adopt them to receive payments or as a store of value in the face of the country’s inflationary outlook”added the Fiwind executive.
Source: Ambito
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