The measure seeks to have more control over crypto-transactions. It entered into force since November 1st.

 Argentina’s Ministry of Treasury, through the Argentine Federal Administration of Public Revenues, recently published a statement where it details that now all the exchange houses dedicated to the crypto market in that country must provide the State with detailed information of their users. This is something that crypto-exchanges will have to do periodically.

Therefore, these companies must provide to the State some data of their customer. Exchanges must do it monthly. Part of the information they must provide is the number of operations performed by the user; among other things done on their platform.

According to data provided by the resolution, the measure seeks to have greater control; thus, it is expected that this decision will have a strong impact on the crypto-exchange market of Argentina.

“For effective control of the correct fulfillment of tax obligations of the taxpayers”, the statement says. Hence, following this rule, according to the Government, there will be a greater power of control over these exchange houses and, as a result, an increase in the collection of taxes.

The resolution dictates that Argentine exchange houses must share with the State the information of their users. For instance, it is detailed that the account number of the users will be requested with special interest, as well as their type, the character of the members to whom the account is directed, the number of members, and the type of user identification that supports the platform policy.

It is also known that these institution has been asked for a list of more private data of their clients, stating that the State will need, for example, the types of operations such as the date of account opening, as well as their closures (if it is the case), and also information about any type of modification.

In addition, crypto-exchanges are asked for a detailed record of the operations conducted, highlighting the user’s income and expenses. In this way, the exchange house must also grant the data of exchange operations of each account, exposing the number of Argentine pesos that is handled, as well as the amount of any other fiat currency in relation to cryptocurrencies and other assets.

The resolution also applies to companies dedicated to these technologies, which must now specify to the regulatory entity, the cost of their services duly reflected in Argentine pesos. Informing about their commissions will be a fundamental task for operational control in the South American country.

During an interview for a news website, the Argentine lawyer and crypto-market specialist, Camilo Jorajuría, said he did not agree with the strong control that the State seeks to have over this market. Nevertheless, he clarified that it was expected that government entities will take a role in the flow of exchange operations related to cryptocurrencies.

Jorajuría explained that, generally, exchange houses seek to collaborate with the State to avoid sanctions and are always willing to provide any type of information required.

However, the relationship between Argentine exchange houses and the Government is sometimes difficult when regulations are stronger since the Government seeks to have greater control over the exchange rate policy in order to prevent the increase of illegal acts or tax payment evasion. Whilst, on the other hand, foreign exchange companies try to circumvent strong measures to protect the privacy of their users.

The debate continues because crypto-users prefer the decentralization of their means of payment but states want more control and participation in these operations.

By María Rodríguez


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