Customs and Collection Agency (ARCA), an Argentine financial collection agency known as AFIP until last year, has today updated the minimum threshold for financial movements that can monitor citizens. This doesn’t make that clear in the official announcement, but it also applies to people using Bitcoin (BTC) and cryptocurrency.
ARCA has announced the minimum amount of forwarding and certification for virtual wallets to be notified It will rise from 2 million PESOs to 50 million PESOs for natural people and 30 million PESOs for corporate people.
The measure will be regulated by a general resolution that will be released in the last hour in the official government news, but it is estimated that the cryptocurrency exchange move will be applied as a virtual wallet. This is stated by Tax Specialist Accountant Marcos Zocaro, Cryptonotic Disease, indicating that this is expected to be clarified by the standard.
Bitcoin and cryptocurrency exchanges currently required to notify the Argentina Ministry of Finance are registered as suppliers of Virtual Asset Services (PSAV). Some of the registered people are Binance, Coinbase, Ripio, Buenbit, Belo, Bitso, and Bit2me.
In addition to the virtual platform, ARCA also reported increased useful thresholds for bank transfers and certification, cash extraction, fixed deadlines, liquidation and compensation agents (ALYCS) holdings. You can see details of each of the following tables shared by the organisms.
This measure seeks to protect citizen privacy.
The agency also reported on a credit card from now on, with a credit card, where no longer should they notify ARCA of all purchases that a person is using that payment instrument. “Personal consumption is protected as all personal information,” he said in this respect.
In addition to this, Eliminate the beneficial regime that controlled a series of sectorssecond-hand car writing, purchasing and selling operations, payment of expenses, real estate transfers, public and telephone services, and more.
The bank also barred requests for national tax affidavits, refused people when requested, and allowed them to go to consumer defense if necessary.
The measures taken by Javier Milei’s government are aimed at “protecting citizen privacy, simplifying tax compliance, and strengthening economic formalization.”
