The Argentine Ministry of Economy has prepared a bill on tax relief for crypto investors in the country to declare their assets.
Recently, countries have been making serious progress in their moves towards cryptocurrencies. In particular, the regulation of cryptocurrencies has taken a heavy place on the agenda of countries. Many countries are planning to advance blockchain technology and keep cryptocurrencies under control. In this context, the Argentine Ministry of Economy plans to encourage crypto investors in the country to declare their assets.
Argentina Prepares Crypto Bill Covering Tax Cuts
Argentina’s Ministry of Economy has completed its preparations for the Argentine Savings Externalization, the draft law covering the fight against money laundering.
With this bill, the ministry will allow cryptocurrency holders to declare their assets to the government. This affidavit will reveal the crypto investment pattern in the country. In addition, the bill aims to provide these statements for the benefit of investors in the country. The Ministry added tax incentives to the agenda of the bill.
If the law takes effect, those who declare their crypto assets within 90 days will pay a tax of 2.5 percent. These tax rates will increase every 90 days. The maximum rate was set at 15 percent.