Argentina is set to regulate its growing cryptocurrency market with a new law aimed at combating illegal activities, offering tax exemptions for declarations of up to $100,000 in digital assets.
Facing pressure from the Financial Action Task Force (FATF), the country is taking steps to avoid the FATF’s grey list.
This regulation, including the registration of cryptocurrencies, marks the first move towards comprehensive oversight. Known for its significant crypto activity, Argentina recorded over $85 billion in transactions in 2023.
Despite electing pro-Bitcoin libertarian Javier Milei as president, the country focuses on regulatory clarity rather than adopting Bitcoin as legal tender. The central bank prioritizes addressing devaluation and inflation.
Roberto Silva, president of the National Securities Commission, announced that a new amnesty could reduce pressure from the Financial Action Task Force (FATF) to regulate Argentina’s crypto market.
Silva emphasized the focus on addressing money laundering and reporting entities. Ignacio Gimenez, executive director at Lemon Cash, reported that the exchange has updated its system to let users voluntarily register assets with the government.
In May and June, Argentina intensified its crackdown on crypto-related crimes, conducting 64 raids and making 30 arrests related to smuggling, money laundering, and illegal gambling.
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