AFIP forces exchanges to report cases

The Argentine tax authority would try to look into operations with cryptocurrencies like Bitcoin (BTC).

The Federal Administration for Public Income of Argentina or AFIP hired cryptocurrency exchange offices and national payment companies to provide monthly reports on all types of user operations on their platforms. The local news agency Buenos Aires Economico reported on Tuesday.

In a message to In the case of local crypto companies, the agency asked the providers of virtual currency services to regularly keep lists of all customer user accounts and identity checks, as well as their income, expenses and monthly account balance. The AFIP reportedly cited an information regime from Form 8126, which contains data related to the management and brokerage of virtual accounts, virtual wallets, investments and financing.

AFIP forces exchanges to report cases
AFIP forces exchanges to report cases

The report emphasizes this AFIP’s crypto regulation applies not only to crypto exchanges, but also to payment processors, including the popular cryptocompatible payment app Mercado Pago. Companies must submit all required information before the 15th of the following month each month, the report says.

The news comes in the context of the boom in the Argentine cryptocurrency industry amid economic recession, inflation, and the massive devaluation of the Argentine peso. end of April Mercado Libre, the largest online marketplace in Latin America, has launched a cryptocurrency real estate division that could usher in a new wave of cryptocurrency adoption across its three major markets, Brazil, Argentina and Mexico. Previously, the local digital asset company Ripio had taken over the major Brazilian cryptocurrency exchange BitcoinTrade.

Regulators in Argentina have been paying more attention to the cryptocurrency industry recently. In early April, The Argentine central bank is said to have asked the national banks to send them information about their customers who have done business with Bitcoin. At the end of 2020, Argentine Congressman Ignacio Torres announced plans to present a bill on cryptocurrencies in the Argentine parliament.

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