Cryptocurrencies taxes have arrived in Argentina. Users that trade in cryptocurrencies must disclose their earnings and pay taxes in at least two provinces of the South American country. Cordoba and Tucuman provinces of Argentina have approved crypto tax laws. Several financial regulators around the world are actively working on crypto tax laws. Earlier, Indian Prime Minister Narendra Modi expressed concerns over the unregulated crypto market.
Cryptocurrencies are treated as foreign currencies in these two provinces of Argentina.
Cordoba and Tucuman in Argentina will now collect taxes on cryptocurrency earnings. The reason behind the new tax law lies in a new regulation adopted at the province level that stipulates cryptocurrencies will be taxed like other foreign currencies when traded. Argentina is among the few countries that are taxing crypto gains. Cryptocurrencies are treated as other international currencies in these two provinces of Argentina according to regulation. The province of Tucuman recently approved an amendment to article 223 of the law that states: Purchase and sale of foreign currency and government securities. The operations of the purchase and sale of digital currencies are included in this subsection.
Governments continue to work to regulate cryptocurrencies.
Introducing laws to tax cryptocurrencies is being considered in several countries of the world due to the rising popularity of these instruments as an asset class and as a payment method. Cryptocurrencies started picking up steam in Argentina after the government put a limit on the number of dollars each citizen could buy monthly. Earlier, the government of Mexico recommended taxing this kind of transaction with a 20%