Argentina’s tax body reportedly asks crypto firms to report all activity

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A tax authority in Argentina is reportedly looking to scrutinize operations involving cryptocurrencies like Bitcoin (BTC).

Argentina’s Federal Administration of Public Income, or AFIP, has ordered domestic crypto exchanges and payment firms to provide monthly reports of all kinds of operations by users on their platforms, local news agency Buenos Aires Económico reports Tuesday.

In a notice to local crypto firms, the authority asked virtual currency service providers to maintain regular lists of all user accounts and identity verifications of clients, as well as their income, expenses, and monthly balance. The AFIP reportedly cited an information regime form 8126 comprising data about administration and intermediation of virtual accounts, virtual wallets, investment and financing.

The report stresses that the AFIP’s crypto regulation relates not only to cryptocurrency exchanges but also payment processors including popular crypto-friendly payment application Mercado Pago. Companies will have to file all necessary information each month by the 15th of the following month, the report notes.

The news comes against the backdrop of the crypto industry booming in Argentina amid the country’s economic downturn, inflation, and the massive devaluation of the Argentine peso. In late April, Mercado Libre, the largest Latin American online marketplace, launched a real estate section dedicated to crypto, potentially ushering a new wave of crypto adoption in its top three markets, Brazil, Argentina, and Mexico. Previously, local digital asset company Ripio acquired major Brazilian crypto exchange BitcoinTrade.

Argentina’s regulators have been paying closer attention to the crypto industry recently. In early April, the Central Bank of Argentina reportedly asked domestic banks to forward them information about its customers dealing with Bitcoin. In late 2020, Argentine congressman Ignacio Torres announced plans to introduce a cryptocurrency-related bill in the Argentine Parliament.