New Argentine Bill Offers Benefits for Reporting Crypto Holdings at Home and Abroad

Exciting news for Argentines! President Javier Milei has introduced a controversial draft bill that could mean favorable tax rates and legalization of crypto assets, whether domestic or foreign. The proposed bill, as detailed here, is part of a comprehensive economic and political reform plan that has the entire country buzzing.

Milei’s vocal support of bitcoin during his campaign has already been a hit with crypto enthusiasts. However, the omnibus bill has ignited significant opposition and protests in Argentina, underscoring its controversial nature.

The regularization program will apply to a range of assets, including cryptocurrencies, with incentives for early declaration. Declaring crypto holdings before March 31, for example, could mean being subject to a tax rate of only 5%, a rate that increases to as high as 15% by Nov. 30.

The bill states that the incentives apply to “cryptocurrencies, crypto assets and other similar goods, regardless of who has been their issuer, who is their owner or where they were deposited, guarded or stored.”

Argentina’s economic struggles have led to previous amnesty programs targeting cash or assets held abroad by citizens, and this new proposal could be a game-changer for the country.

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