The Income Law for Cryptocurrencies in Chile: Regulations and Applications for BNB and Buda.com
In Chile, the use and trading of cryptocurrencies such as Binance Coin (**BNB**) and platforms like **Buda.com** have grown considerably in recent years. This has led the **Internal Revenue Service (SII)** to establish specific criteria for the taxation of these digital assets, under the framework of the Income Tax Law.

Legal Framework for Cryptocurrencies
1. **Tax Classification**

In Chile, the regulation of cryptocurrencies has advanced significantly with the enactment of **Law No. 21,521**, known as the **Fintech Law**, published on January 4, 2023. This legislation establishes a legal framework for financial technology companies, including those operating with cryptocurrencies, with the aim of promoting competition and financial inclusion through technological innovation.

**Definition of Cryptocurrencies**

The Fintech Law defines cryptocurrencies as "digital representations of units of value, goods, or services, with the exception of money, whether in national currency or foreign exchange, that can be transferred, stored, or exchanged digitally."

In Chile, the development of cryptocurrencies has experienced notable growth in recent years, driven by technological adoption, investor interest, and significant regulatory advancements.

**Adoption and Use of Cryptocurrencies**

The adoption of cryptocurrencies in Chile has increased considerably, with a growing number of people using them as a method of investment, savings, and means of payment. According to an interview with María Fernanda Juppet, CEO of CryptoMKT, factors such as inflation and the search for safer methods to transfer money have incentivized this trend.