Argentina’s new government, led by the libertarian Javier Milei, plans to simplify the process to legalize their cryptocurrency holdings, even if they haven’t properly reported them for taxes.
On December 27, the “Law of Bases and Starting Points for the Freedom of Argentines” was presented to the Argentine Congress.
This extensive 351-page proposal covers reforms in various areas, including taxes, employment, crime, energy, and elections, marking the beginning of Milei’s bold reform plans.
Within the bill, there are provisions related to cryptocurrency when it comes to tax procedures. Specifically, a section talks about an “asset regularization scheme,” allowing taxpayers to declare certain assets without needing extra proof of their origin.
Under a new plan to regularize assets, taxpayers will only need to pay a fixed tax rate based on when they declare their assets: 5% if declared by March 2024, 10% from April to June 2024, and 15% from July to September 2024.
Javier Milei came into power amid pressing inflation across the country. The Argentine president once referred to Bitcoin as a movement toward “the return of money to its original creator, the private sector.” Since taking office, he has not publicly spoken about digital assets.
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