The Government of the Autonomous City of Buenos Aires worked with the Argentine Fintech Chamber to update the tax scheme for buying and selling cryptocurrencies.

The result was the elimination of taxes on these transactions. The measure impacts 25 million accounts in capital markets, “in what the Argentine fintech sector described as a significant step towards a regulatory framework more suited to the reality of the digital asset market.”

The change is of great importance considering that “Argentina has one of the most active cryptocurrency markets in Latin America.” According to the Fintech Chamber, there are 25 million accounts in capital markets in the country, mainly through digital wallets. “Additionally, 6 million people access credit through fintech platforms, with half of those users lacking a prior salary account.”

Until the reform, which could extend to other provincesm, the buying and selling of digital assets in the capital was subject to a Gross Income tax that the industry considered disproportionate, creating disparities compared to the treatment of traditional banks. 

M.Pino

Source: cripto247

(Reference image source: Gustavo Sánchez on Unsplash)   

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