In a global context marked by technological revolution, cryptocurrencies emerge as an alternative to the traditional financial system.
Argentina, in particular, faces unique challenges, such as a crisis economy and changing restrictions, which has driven the demand for these digital assets.
However, the creation of a cryptocurrency Exchange in the country faces significant legal and tax challenges.
Let's explore the Argentine legal framework for these businesses, their impact, and the relevance of cryptocurrencies as tools for investment and savings.
What is an Exchange and why is it relevant?
An Exchange is a digital platform that facilitates the buying, selling, and exchanging of cryptocurrencies and digital assets such as stablecoins, bonds, and stocks.
These platforms act as intermediaries, offering competitive prices based on supply and demand.
In Argentina, where economic restrictions limit access to the dollar and inflation rates erode the value of the peso, Exchanges like Binance have become a key channel for investors looking to protect their capital.
The Argentine Legal Framework
Unlike brokerage firms regulated by the National Securities Commission (CNV), cryptocurrency Exchanges operate under an ambiguous regulatory framework. Currently, there is no specific legislation for crypto assets in Argentina. However, various indirect regulations affect their operation:
Registration with the AFIP: The Exchanges must register as corporations (SA) or limited liability companies (SRL) and pay taxes such as profits, VAT, gross income, and personal assets.
Financial Information Unit (UIF): Through Resolution 300/14, it is required that operations with cryptocurrencies be reported to prevent money laundering and financing of terrorism. This includes monthly reports of the transactions made.
AFIP Informative Regime: Exchanges must declare the balances and movements of their users in fiat currency and cryptocurrencies, which guarantees transparency, although it limits privacy.
Impact and challenges
The legal framework presents both advantages and challenges:
Advantages: Provides a basic level of regulation that fosters user and institutional investor trust. In addition, the tax registration of activities ensures a degree of formality in the sector.
Challenges: The lack of specific legislation creates uncertainty for operators, making it difficult to attract foreign investments. Additionally, current regulations impose significant administrative and tax burdens.
Financial Education: A Critical Gap
According to surveys conducted in Argentina, a large part of the population still does not know what an Exchange is or how cryptocurrencies work.
This highlights the need to improve financial education, especially in a context where the lack of trust in the traditional financial system is high.