The Argentinian securities regulator, the National Securities Commission (CNV), has developed an innovation hub with the purpose of boosting discussions concerning cryptocurrency and fintech investments. This group will act as a conduit between private firms and the institution in order to bring new fintech and crypto-regulated assets to the market. The country has taken steps to speed up the introduction of new fintech and crypto-based financial instruments to the market.
This innovation hub might pave the way for a new era of regulated crypto-linked investment products in Argentina. According to Andres Ponte, president of Matba Rofex, an investment brokerage firm, these products will be released shortly.
The regulation of cryptocurrency investments in the country has two goals. One is the protection of investors wanting to engage in cryptocurrency markets by introducing regulated products. Another benefit that these goods may provide to the national tax agency is that they cannot be hidden from the AFIP, the federal tax agency, due to their nature.
With the regulated instruments in place, the ability to collect taxes on these cryptocurrencies would be nearly certain, as opposed to what is currently the case, wherein a majority of cryptocurrency movements and investments take place on exchanges and platforms outside of the country.
On April 1, a bill was introduced in the Senate that sought to tax all properties owned by Argentinians in foreign nations, including bitcoin, to pay off a portion of the country’s debt to the International Monetary Fund.
