The cryptocurrency industry in Argentina is expanding at a fast rate, and the country is taking steps to regulate it by enacting a new legislation that addresses money laundering and other issues.
The nation has seen a substantial amount of cryptocurrency activity, with transactions totaling $85.4 billion over the course of the previous year. This activity has been fueled by high inflation and a weak currency.
Individuals who reveal up to one hundred thousand dollars in assets, including cryptocurrency, are eligible for tax amnesty under the most recent fiscal package. It is anticipated that this move will assist Argentina in meeting the standards of the Financial Action Task Force (FATF) and avoiding being put on its grey list, which might have an effect on both economic stability and foreign investment at the international level.
According to National Securities Commission member Roberto Silva, this will be the first move toward crypto regulation, with the possibility of future standards that are more in line with U.S. practices.
In addition, Lemon Cash, a significant cryptocurrency exchange in Argentina, has just modified its site to enable users to freely declare their holdings.
There have been several arrests and raids carried out as a consequence of the recent attempts made by the government of Argentina to clamp down on crimes associated to cryptocurrency. Officials are planning to meet with the Financial Action Task Force (FATF) in October to review Argentina’s progress in the fight against financial crimes.
Also Read: The Winklevoss twins recently donated $1 million in Bitcoin
Wallets