Argentina introduces the Law of Bases and Starting Points for the Freedom of Argentines, encompassing diverse reforms. Notably, the bill outlines an “asset regularization scheme,” allowing taxpayers to declare crypto holdings without extensive documentation, subject to a tiered flat tax. The move aligns with President Javier Milei’s reformist agenda, previously hinting at embracing cryptocurrencies for economic revitalization.
Argentina has embarked on a transformative legislative journey with the introduction of the Law of Bases and Starting Points for the Freedom of Argentines. Within this comprehensive 351-page bill, significant reforms spanning tax, labor, criminal, energy, and electoral domains are set forth, reflecting President Javier Milei’s bold reformist vision.
A notable aspect of the bill addresses the “asset regularization scheme,” providing a unique opportunity for taxpayers to legitimize their crypto holdings. Crucially, this scheme offers a streamlined process, requiring minimal documentation on the origin of declared assets. The associated flat tax rates stand at 5% for declarations by March 2024, 10% from April to June 2024, and 15% from July to September 2024.
This legislative move comes on the heels of earlier indications by Diana Mondino, Argentina’s minister of foreign affairs, international trade, and worship. The December decree for economic reform and deregulation hinted at potential acceptance of cryptocurrencies, though not explicitly mentioning them. President Milei’s administration faces the challenge of navigating economic turmoil and inflation, with this crypto-friendly stance adding a layer of intrigue to Argentina’s evolving financial landscape.