Argentina’s New Government Introduces New Bill to Regulate Crypto Holdings for Tax Payers

cryptonews.com:

Argentina’s newly elected government, led by libertarian Javier Milei, has unveiled its plans to simplify the process of legalizing cryptocurrency holdings, even for individuals who may not have accurately reported them for tax purposes.

On December 27, the government introduced the ‘Law of Bases and Starting Points for the Freedom of Argentines’ to the Argentine Congress.

El Presidente Javier Milei envió al Congreso de la Nación la Ley de Bases y Puntos de Partida para La Libertad de los Argentinos.

Con el espíritu de restituir el orden económico y social basado en la doctrina liberal plasmada en la Constitución Nacional de 1853, presentamos al… pic.twitter.com/5yYSBYA751

— Oficina del Presidente Javier Milei (@OPEArg) December 27, 2023

The proposed bill outlines reforms spanning various sectors, including taxes, employment, crime, energy, and elections, marking the commencement of Milei’s ambitious reform agenda.

Within this legislative framework, notable provisions address cryptocurrency in relation to tax procedures. A pivotal aspect is the introduction of an “asset regularization scheme” that enables taxpayers to declare specific assets without requiring additional proof regarding their origin.

If approved, residents declaring their assets by March 2024 will face a 5% tax rate, which increases to 10% for declarations made from April to June 2024 and further to 15% for those made from July to September 2024.

This legislative initiative reflects Argentina’s commitment to creating a more accessible and transparent process for individuals to formalize their cryptocurrency holdings.

The move also corresponds with earlier hints from Diana Mondino, the minister of foreign affairs, international trade, and worship, regarding the