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The previous rule forced miners to pay taxes, affecting their activity.
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Now ARCA will review the measure and in the meantime there will be no taxes for certain activities.
The government of Javier Milei today repealed the General Resolution of the Customs Collection and Control Agency (ARCA) that imposed new taxes on activities and operations linked to the digital economy, including Bitcoin Mining and digital transactions, either through from service providers or person-to-person (P2P) platforms.
The measure, which also imposed taxes on influencers and YouTubers, was announced in the Official Gazetteand responds to the need to carry out a more in-depth analysis, seeking adapt regulations to new business modalities.
In itself, the repealed resolution included the sale and exchange of crypto assets on one’s own account and the arbitration (any financial operation where a trader takes advantage of the price difference between one or more markets).
Also, for the first time, activities carried out by exchanges were incorporated, by establishing codes for “Services intended to facilitate the management of transfers, purchase and sale, investment or exchange of cryptoassets.” This is in line with the new regulation of service providers of virtual assets (PSAV).
As said before in this note, likewise, the Cryptocurrency miningand a subclassification was made depending on whether it is carried out with own equipment or by renting mining power.
Finally, Resolution 5607, issued on November 28, which required bitcoin and other cryptocurrency miners, as well as Instagrammers and entrepreneurs in the digital world to register in the national and provincial tax system, was suspended through Resolution 5612/2024. This as a measure to contain the growing unrest caused by the imposition of taxes to a sector that has grown exponentially in Argentina in recent years.
Concerns revolved around the suspicion that ARCA’s regulations imposed an excessive burden that would end up stifling innovation or pushing users towards unregulated platforms.
With the repeal of the regulations, the miners of Bitcoin, together with influencers and youtubers, they will be able continue with your activities without the need to register in the national tax system because they are not obliged to pay taxes. This while ARCA evaluates new regulations.
The decision to repeal resolution 5607 arose days after the Milei government dismissed Florencia Misrahi from the leadership of ARCA to replace her with Juan Pazo.
As CriptoNoticias had previously reported, the inclusion of activities with cryptocurrencies in the ARCA regulations represented a step forward in regulation of the cryptoasset sector in Argentina. However, the decision to modify the tax regime for digital activities leaves new regulations linked to the digital assets industry in Argentina on hold.
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