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Argentina’s tax authority appears to be setting its sights on the crypto industry to boost its revenue collection and is now closely monitoring cryptocurrency traders in the country. The Federal Administration of Public Revenue (AFIP) has ordered exchanges to supply the agency with monthly reports on crypto-related transactions.
The tax agency has issued “Form 8126” to all cryptocurrency exchanges operating in Argentina to comply with the new ruling, according to Bitcoin.com. Exchanges are given until the 15th of the month to submit the transactions report for the previous month.
The AFIP requires a rather detailed report from crypto exchanges. According to local publication Bae Negocios, the report should include, “the list of accounts with which they identify each of the clients; registrations, cancellations, and modifications that occur; total amounts of income, expenses and final monthly balance” of the clients’ wallets.
The new ruling even covers peer-to-peer platforms that offer crypto services. For instance, Mercado Pago, a domestic payment gateway that allows users to by Bitcoin (BTC) and other cryptos via P2P, will need to submit the monthly report as well.
Aside from the AFIP, the Central Bank of Argentina (BCRA) has also shown increasing interest in the country’s crypto industry. In April, the monetary authority asked banks to supply it with information on their customers dealing with Bitcoin and other crypto transactions.
The action spawned speculations that crypto regulations might soon be coming to Argentina. Some analysts viewed the central bank’s action as aimed at evaluating whether the digital assets market in the country “should be required for an even bigger regulation or not” and that authorities are looking for ways to regulate the market.
Crypto adoption is on the rise in Argentina as evidence by the performance of its exchange. For instance, crypto exchange Ripio saw its user base soar to over one million at the end of 2020 from 400,000 users when the year started.
