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You are presenting a project in an Argentine province to regulate cryptocurrencies and create an exchange with state participation

November 21, 2020

Several controversies recently arose in Argentina over projects designed to regulate the crypto ecosystem. It is a project of the ruling party that was officially presented in the Chamber of Deputies of the National Congress and another project of a national opposition MP, the draft of which is still being worked on due to consultations and debates and has not yet officially entered the Chamber. But as if that wasn’t enough It turned out that in the province of Misiones, a provincial legislature also presented a project that talks not only about regulation but also about creating a platform for buying and selling cryptocurrencies.

It is an initiative of Roque Gervasoni, Provincial MP in Misiones, for the Front Renovador de la Concordia.

On the website of the Chamber of Deputies of the Province of Misiones, in file D-55787/20, its existence is described in the following words: “PROJECT OF THE LAW – MP Gervasoni who proposes to regulate the cryptocurrency ecosystem”, dated October 29, 2020.

You are presenting a project in an Argentine province to regulate cryptocurrencies and create an exchange with state participation
You are presenting a project in an Argentine province to regulate cryptocurrencies and create an exchange with state participation

Article I of the project deals with establishing a number of definitions of various terms such as “exchange”, “cryptocurrencies”, “virtual currency”, “tokens”, “blockchain” etc.

But still, Article 2 deals with the creation of “the first digital platform in Argentina in the province of Misiones as a decentralized unit with majority state participation in the form of a joint stock company (Law 19550)”.

Article 3 specifies the purpose of “enabling access to the cryptocurrency ecosystem when buying, selling, exchanging, storing, protecting and investing in digital currencies, crypto-assets and tokens contained therein”.

On the other hand, Article 4 refers to the functions and lists the following:

1) It has the function of register and ensure that the operations performed there are carried out as long as human and legal persons are registered.

2) The platform operates in the cryptoactive market and offers various services including savings among others. Ensuring the functional autonomy of the registered subjects.

3) Owners and users have the option to use the platform as a wallet.

4) The platform publishes the prices of the crypto assets offered on it daily.

5) Registered people can access crypto asset loan services paid for missionary entrepreneurship.

6) You can also use your crypto assets to pay taxes, goods and services

7) The platform has the additional aim of training, teaching and teaching the correct use of crypto assets and digital instruments as well as the functioning of the crypto market.

It is not negligible data Article 5 also deals with access and registration, stating that “human or legal persons who voluntarily receive registration to operate” will access the platform. While Article 6 states that a “public register of users, operators and holders of cryptocurrencies, tokens or crypto assets” must be created.

Taxes

Article 10 of the project relates to taxes and states “what is set out in Law 27.430 (Reform of the Income Tax Act) which establishes the tax liability and alienation of digital currencies”.

Full text of the project

The full project, which can be downloaded from the Misiones Chamber of Deputies website, can be viewed here.

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