Key facts:
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The deadline for laundering cryptoassets is September 30.
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Both individuals and companies can join and, depending on the amount to be laundered, it may be free.
Through a set of fiscal measures recently approved by Argentina, an “Asset Regularization Regime” was launched, popularly known as “money laundering”.
This type of measures It allows many people and companies that have undeclared assets, such as cash, real estate or crypto assets, to disclose them to the Tax Authorities and incorporate them into the formal circuit of the economy. For example, a person who owns a business and for many years did not declare part of their sales income, now, through this “whitewashing”, will be able to do so by paying a very low penalty, which may even be zero.
Is this money laundering free?
If you agree to launder assets worth up to US$100,000, Bitcoin-impuesto-especial-blanqueo-fiscal/”>the special tax on money laundering will not be paid. Above that threshold, in the case of cryptoassets 5% will be paid on the amount exceeding US$100,000.
How is the value of cryptoassets determined for money laundering purposes?
The valuation to be computed will be the highest value between the market value on December 31, 2023 and the acquisition cost. The difficulty here lies in how to correctly determine these values. What quotation value should be taken on December 31 if the cryptoasset is quoted throughout the day? The regulations do not specify it.
Could the Treasury know the acquisition cost?
The taxpayer You must provide documentation to support this cost. If the purchase was made using an exchange, for example, there could be invoices issued by the company. But if the purchase was made through P2P, in the absence of official invoices, the situation becomes more complicated: the person can provide data on the transaction recorded in the Blockchain and the Treasury could check that the cost reported by the person is reasonable according to the exchange rates of that date.
Is holding bitcoin in self-custody illegal?
It is completely legal to own bitcoin in self-custody.
This “money laundering” that includes crypto assets is useful for those subjects who, for example, in the past provided some type of service for which they received their fees in bitcoins and, at that time, did not declare such income or pay the taxes required by Argentine law.
What if I want to launder my cryptocurrencies in self-custody without using an exchange?
It is not possible since the rule requires that cryptoassets subject to money laundering be transferred to an exchange or Virtual Asset Service Provider (PSAV) registered with the National Securities Commission (CNV) of Argentina, before September 30.
What happens if crypto assets are not accepted by a local exchange?
If a NFT-non-fungible/”>NFT or any other token was not accepted by any PSAV registered in Argentina, the asset could not be laundered. This poses problems for those who hold tokens not traded on local exchanges, which could lead to a complete lack of laundering and potential tax problems.
If I launder my bitcoins on an exchange, can I then take them to self-custody or is it mandatory to leave them on an exchange?
For the purposes of complying with anti-money laundering regulations, all cryptoassets must be left in the custody of the PSAV until September 30, inclusive (unless the regulations establish an extension of the period). After that date, they can be withdrawn to a personal wallet.
If I agree to the money laundering, will I have to pay any type of tax in the future?
“Laundered” cryptocurrencies will be subject to taxes like any other asset. For example, although there is a minimum profit not reached, the sale of bitcoin is taxed at 15% in Argentina.
What happens if we get to October 1st and I haven’t laundered my bitcoin into self-custody?
In order to be able to access the money laundering regime, the regulations set September 30 as the deadline to transfer bitcoins to a local PSAV and enable their laundering. That is, once the month of September has passed, those bitcoins cannot be laundered.
Disclaimer: The views and opinions expressed in this article belong to the author and do not necessarily reflect those of CriptoNoticias. The author’s opinion is for informational purposes only and does not constitute investment advice or financial advice under any circumstances.
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