- Local exchanges like Bitso and Lemon report significant increases in digital currency deposits since the amnesty’s announcement.
- Carlos Peralta of Bitso noted a surge in inquiries, suggesting higher future participation before the deadline extension.
In Argentina, the cryptocurrency amnesty program, initiated in July, has surprisingly exceeded expectations according to local exchanges. This initiative allows Argentinians to declare their cryptocurrency holdings to the government without fear of repercussions.
The deadline for this declaration has been extended to October 31
The Argentine government has extended the deadline for asset regularization through Decree No. 864/2024, published on September 30, 2024. This extension modifies the dates of the regime established by Law No. 27.743 on Palliative and Relevant Fiscal Measures, allowing fiscal residents in Argentina and non-residents who were previously fiscal residents to voluntarily declare assets both domestically and abroad until October 31, 2024, for the first stage. The subsequent stages have been extended to January 31, 2025, and April 30, 2025, respectively.
Furthermore, the decree specifies that funds regularized up to September 30, 2024, can be withdrawn starting October 1, 2024, without retention, provided that no new regularizations are made after that date. Funds not exceeding USD 100,000 will be exempt from retention starting November 1, 2024, and those exceeding that amount must be kept in special accounts or allocated to authorized investments until December 31, 2025, to avoid a 5% retention.
Fiscal transparency and the integration of undeclared assets into the formal economy
Representatives from cryptocurrency exchanges such as Bitso and Lemon have reported a significant uptake in participation since the program’s announcement. They observed a record increase in digital currency deposits, suggesting a strong willingness among Argentinians to comply with the new regulations.
Carlos Peralta, the leader of Public Affairs at Bitso Argentina, noted a spike in inquiries even before the extension was announced, indicating a high level of interest.
“Perhaps now with more time, they decide to enter” Peralta commented, hinting at the potential for even greater participation in the coming weeks.
Similarly, Juan Pablo Fridenberg, Director of Public Affairs at Lemon, highlighted that September saw the highest volume of cryptocurrency deposits in the platform’s history.
“Although we do not know how many users have effectively joined, as this information is only available to the Federal Administration of Public Revenue (AFIP), we can affirm that the volume exceeded July’s by 23%,” said Fridenberg.
As we usually report on Crypto News Flash, this initiative by the Argentine government aims to bring transparency to the cryptocurrency market, which has traditionally operated with minimal oversight. By encouraging citizens to declare their digital assets, the government hopes to integrate these into the formal crypto economic system, reducing the risks associated with unregulated markets.
The positive response from the public and the extension of the deadline reflect the growth, as we have been reporting on Crypto News Flash, this may accept and normalize cryptocurrencies in Argentina. This move is part of a broader effort to stabilize the financial system and restore trust among investors and the public in the potential of digital currencies as legitimate financial assets.