In an exciting development for Argentine crypto holders, a new way to legalise such assets has been put forward. As part of a new piece of legislation called “The Law of Bases and Starting Points for the Freedom of Argentines”, individuals who are overdue on declaring crypto assets, can do so without supplying additional information about their provenance.
The ruling, proclaimed by Argentina’s Libertarian leader, Javier Milei, has been announced as part of his new administration’s initiatives. Introduced in Argentine Congress on December 27th, the 351-page document details multiple reforms touching upon tax, labor, criminal, energy, and electoral fields.
Under the asset regularization scheme, taxpayers can legalize a variety of assets, including cryptocurrencies, without providing additional documents confirming their origin. But this procedure isn’t entirely free, as a flat tax on assets will apply. The rate will be 5% for individuals who declare holdings by March 2024, 10% for those who do between April and June 2024, and 15% for those who declare from July to September 2024.
Earlier in December, Argentina’s foreign affairs minister, Diana Mondino, had announced a decree aimed at economic reform and deregulation, possibly allowing the use of Bitcoin and other cryptocurrencies within the country under certain conditions. President Milei, known for his views on Bitcoin as a movement towards “the return of money to its original creator, the private sector”, has not made any public comments regarding digital assets since his ascension to power.