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Crypto exchanges in Argentina to register transactions’ data

Argentina’s tax authority has required digital currency exchanges to file transactions’ data in their monthly reports
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The tax authority in Argentina has required digital currency exchanges to file transactions’ data in their monthly reports.

As of May 2021, there are approximately two million cryptocurrency trading accounts in Argentina. While inflation has increased, the crypto industry is booming in the country. More and more citizens have been searching for a safe haven to protect their wealth from the economic crisis, and they have apparently found it in digital currencies. 

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“The number of user accounts for investing in ‘cryptos’ has multiplied by ten in Argentina since 2020.”

Maximiliano Hinz, Latin American director of cryptocurrency exchange Binance

The massive use of digital asset exchanges has brought the necessity to some sort of regulations by the government. According to Bae Negocios, an Argentinian newspaper, crypto trading platforms have to register every account and confirm every user identity. The balance, expanses, and tradings will also be filed by the 15th of the next month.

The country has been in recession since 2018 with an average inflation rate of 45%. Digital currencies offer a safer alternative than traditional money for citizens that want to protect their goods and give them some comfort from the limit imposed by the government on greenback purchases of $200 per month.

“It is no coincidence that Argentina and Venezuela, countries with high inflation, are the main crypto poles in South America.”

Marcos Zocaro, specialist in digital assets

Turkey made some similar regulations for exchange platforms as well. Lütfi Elvan, the Turkish Finance and Treasury Minister, stated during an interview for CNN Turkey last week that crypto exchanges have to communicate crypto transactions to financial authorities.

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