Argentina Tax Agency Steps Up Examination of Crypto Traders and Holders with New Requirements CryptoBlog

The Argentine Tax Agency (AFIP) monitors the movements of traders and holders of cryptocurrencies, to strengthen its control over their transactions. The institution is now sending emails to Argentine citizens requesting a series of data regarding supposed cryptocurrency operations carried out on their behalf. The agency requires the citizen’s public keys and a list of transactions made during a certain period of time.

Argentina’s tax agency scrutinizes crypto users

AFIP, the Argentinian tax watchdog, has decided to take the battle against cryptocurrency tax evasion directly to the users of these currencies. While the agency had demanded information from exchanges before, the responsibility is now directed to certain users who have received a requirement to answer a series of questions regarding their history with digital assets.

The requirement requires users to provide data such as the public keys of the wallets they currently manage and a list of digital asset movements which must include dates, cryptocurrencies involved, amounts moved and type of transaction. ‘operation. In addition, citizens must justify the origin of the funds used to carry out these transactions and the entirety of the crypto savings held.

The information required must include transactions dating back to 2018, so the numbers could be very high, according to Criptocontador’s Germán Nlhoul.


Expert opinion differs

The opinion of the country’s experts is divided on this new AFIP approach. Some believe that the institution has the right to demand this information from crypto users. This is the case of Juan Manuel Scarso, fintech tax specialist who explains:

[The AFIP] has broad powers to verify, at any time, including with respect to current financial years, the compliance that debtors or managers give to laws, regulations, resolutions and administrative instructions, monitoring the situation of any alleged manager.

However, other opinions diverge and claim that the Argentine Tax Agency could go too far in requiring some of this data from citizens, without clearly indicating the purpose of these requirements. This is the case of Mariano Neira, who said:

Among the requirements on the cryptographic assets that circulate, we observe an excessive demand for information but also a clear affectation of the patrimonial intimacy.

This information is already required by the exchange organization, which must comply with this requirement by law. However, some have speculated that this pivot is due to the exchanges not being compliant with regulations, forcing the agency to seek the information from other sources.

What do you think of the Argentine Tax Agency’s investigation of cryptocurrency holders and traders? Tell us in the comments section below.

sergio@bitcoin.com'

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price surge happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

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