With just over a month to go until the expiration of the first phase of the laundering or regularization of cryptocurrencies in Argentina, the process is moving forward normally, sparking more public interest than many thought.
This is a procedure enabled since last Julyand in compliance with which a series of communications are being issued aimed at guiding users.
With this, regulated Cryptocurrency platforms adhere to the regulations that offer the possibility – to those who wish to do so – to regularize their cryptocurrency holdings in one of the 70 registered exchanges until now in the National Securities Commission (CNV).
In that sense, The standard also establishes that the crypto assets that were already in the custody of the exchanges registered with the National Securities Commission (CNV) as of December 31, 2023, may be classified as assets located in the country and subject to this regime.
As reported by local media, several of the cryptocurrency companies operating in Argentina claim be receiving many queries, although they assure that there are still no large movements of capital.
«Cryptocurrency laundering brought us more queries than we would have expected. It was thought that cryptocurrency users would not want to formalize their holdings, since they had chosen crypto precisely to be ‘under the radar’. However, we see a lot of interest,” Julián Colombo, CEO of Bitso Argentina, told the media.
«We were surprised by the number of deposits received on the platform for the purpose of laundering funds. Since we put the laundering form on the website applications skyrocketed“We believe that this has been needed for a long time and that it offers the possibility for those investors or workers who received or receive their salary in cryptocurrencies to be able to use it freely,” agreed Federico Ogue, CEO of Buenbit.
A similar observation was made by Juan Pablo Fridenberg, director of Public Affairs at Lemon, pointing out that the number of people interested grows with the passing of days, “both through support, for smaller amounts, and through referrals from accounting and legal studies in cases of larger assets.”
In that sense, exchanges expect that there will be a peak in the coming weeksas September 30 approaches, the closing date of this first phase in which it is applied a 5% tax for laundering amounts exceeding USD 100,000.
So far, it is known that users are seeking to regularize amounts ranging from thousands of stablecoins to hundreds of Bitcoin/” target=”_blank” rel=”noreferrer noopener”>bitcoinsthe exchanges consulted point out.
The situation will be different in the second phase of the tax reform, which will run from October 1 to December 31, when a 10% tax will have to be paid on the surplus of USD 100,000. Then, until March 31, 2025, the tax will be 15%.
At this point, the Buenbit team reminds that if the cryptocurrencies were not acquired on the platform chosen for laundering, Proof of ownership must be presented and valuation to AFIP certified by a public notary. This must be accompanied by the ‘Account Summary for Money Laundering’ attached to the Affidavit of the Asset Regularization Regime.
3️⃣ We will send you your Buenbit Account Summary for Money Laundering by email, with all the necessary information for you to complete the corresponding declaration.
Remember that those assets for which ownership can be proven as of 12/31/2023 may be included in this regime.
— Buenbit (@buenbit) August 22, 2024
Exchanges are optimistic, despite resistance
Given the persistence of doubts, most exchanges have chosen to publish a kind of guide on networks, where some bitcoiners They took advantage of the opportunity to question the money launderingseeing it as an activity that opposes philosophy which promotes financial sovereignty and decentralization.
As CriptoNoticias has reported, since the application of the measure was announced, experts have been debating the advantages and disadvantages. The negative aspect is that money laundering involves the renunciation of self-custody of cryptocurrenciesa practice that makes it easier for people to manage their bitcoins independently of the State.
This resignation is a process that is not without risks and that in general terms “is not favorable for users,” according to Ricardo Mihura, president of the NGO Bitcoin Argentina.
However, exchanges like Lemon They see regularization as positive of cryptoassets in a scenario where ecosystem regulation advances, both in Argentina and globally“The values of incorporation into the money laundering process constitute acquisition costs for all tax purposes, which allows for optimizing their comprehensive tax treatment,” they comment.
The idea is shared by Matías Bari, by Satoshi Tango. “This measure not only contributes to greater legal security for investors, but also encourages the adoption of cryptocurrencies in the country.” The bank believes that the measure promotes transparency and is in line with regulatory trends that are occurring around the world.
This is a position shared by the president of the CNV, Roberto Silva, for whom money laundering is important. as a way to comply with the recommendations of the Financial Action Task Force (FATF).
With this, “the good practices of the FATF are applied” and the delivery of reports on the financial activities of the members of the bitcoin ecosystem is favored. A necessary action for the Argentine government that is currently fighting to not be included in the grey list of the agency.
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