According to news, Argentina’s tax authority, AFIP, has directed domestic crypto exchanges and payment firms to provide monthly reports on all types of operations.
Argentina’s tax authority is officially looking into operations involving cryptocurrencies such as Bitcoin (BTC).
Argentina’s Federal Administration of Public Income, or AFIP, has directed domestic crypto exchanges and payment firms to provide monthly data on all types of operations conducted by users on their sites, according to Buenos Aires Económico, a local news agency.
The authority asked local crypto firms in a notice to keep daily lists of all user accounts and identity verifications of customers, as well as their revenue, expenses, and monthly balance. According to the AFIP, an information regime form 8126 containing details on the administration and intermediation of virtual accounts, virtual wallets, investment, and financing was cited.
The report emphasizes that the AFIP’s crypto regulation applies to cryptocurrency exchanges and payment processors such as the popular crypto-friendly payment app Mercado Pago. According to the report, companies will be required to file all required details each month by the 15th of the following month.
The announcement comes amid a thriving crypto industry in Argentina, despite the country’s economic slowdown, inflation, and massive depreciation of the Argentine peso. Mercado Libre, the largest Latin American online marketplace, introduced a crypto-focused real estate segment in late April, potentially ushering in a new wave of crypto adoption in its top three markets: Brazil, Argentina, and Mexico. Previously, Ripio, a local digital asset firm, acquired BitcoinTrade, a major Brazilian crypto exchange.
Argentina’s regulators have recently increased their emphasis on the cryptocurrency industry. The Central Bank of Argentina reportedly asked domestic banks in early April to give them information about their Bitcoin-using customers. Argentina’s congressman Ignacio Torres revealed plans to introduce a cryptocurrency-related bill in the Argentine Parliament in late 2020.