As reported by the Argentine Fintech Chamber of Commerce in communication with CriptoNoticias, taxes may change on crypto exchanges. The aim is to equalize the tax conditions for these companies, called virtual asset service platforms in the financial sector (PSAV).
The Chamber maintains a permanent dialogue with the national government and the relevant technical institutions, both the Ministry of Economy and ARCA. Through this link you will learn how PSAV works and They are affected by a tax system that does not suit their role. with digital financial systems.
Precisely, these refer to Decree No. 796 issued in 2021. This explicitly excludes PSAVs from the debit and credit (IDC) tax exemption regime applicable to banks, clearing and clearing agents (ALyCs), payment service providers (PSPs) and other regulated entities, resulting in financial inequality.
“These meetings provided a technical understanding of the situation and the existence of this asymmetry,” Argentina’s FinTech Chamber said. Among them, Considerations related to the national budget and peso intervention The tax was created as a transition tax in 2001, but is still in force more than 20 years later.
Additionally, the Speaker of the House of Representatives, Martin Menem, was publicly consulted on the application of taxes to PSAVs. This happened a month ago on November 11th when I attended the Argentina Fintech Forum event.
In his response, Menem said the issue is being analyzed and he intends to move forward with a solution, and said he looks forward to: There may be news by the end of 2025.
For us, it is important that this issue is recognized in the public and professional spheres, as it confirms that it is part of the legislative and executive agenda.
Camara Argentinian fintech.
How will this tax affect virtual currency exchanges?
Taxes on debits and credits It is a respect for bank account movements that the owner has to pay for.. This tax, also known as the “check tax,” does not apply to purchases and sales of cryptocurrencies that users make on exchanges. However, as we’ll see later, that has something to do with it.
Most of the financial system, including banks, PSPs, acquirers, and ALyCs, operate on “collection accounts” and are therefore exempt from this tax. These are bank accounts where the money coming in and going out belongs to the user and does not constitute their own income. “This figure includes both tax and operational logic,” says Argentina’s Fintech Chamber of Commerce.
PSAV, on the other hand, has to pay this tax. Therefore, if a user deposits pesos to a virtual currency exchange and then withdraws pesos even if he has not performed any operations, PSAV pays taxes twice: When entering and exiting. In reality, any transfer that does not indicate income or tax capacity is taxed.
This tax will encourage the use of foreign virtual currency exchanges
Users of cryptocurrency exchanges do not have to pay debit or credit taxes, but indirectly affect.
“For exchanges, the impact is direct: increased operating costs, a disadvantage compared to entities performing similar functions but which are exempt, and difficulties in developing and providing new services in the country,” the Chamber emphasizes.
So this means for the user: Higher costs of moving pesos to and from Argentine regulated platforms. In his words, it “incentivizes operations outside formal systems and on foreign platforms, and limits the integration of traditional payments, digital services and blockchain technology.”
“All of this is happening in countries where instant money transfers and digital payments are already part of everyday usage, making the need to correct this distortion even more obvious,” he added.
The position is clear. PSAVs should be treated the same as other entities that manage third-party funds. It is not appropriate to impose a tax on transfers that do not constitute income. And we need to restore competitive neutrality, where comparable activities receive equal tax benefits.
camara argentina fintech
Depending on your vision, It is important to correct this situation This is because it promotes formalization, improves competition and strengthens sectors that generate domestic development, employment and innovation.
Bank entry into the market increases the possibility of tax exemption
From Lemon, which forms the Chamber of Commerce along with other crypto exchanges, told CriptoNoticias that the factors that led to applying that tax to PSAV today have completely changed.
“This sector is regulated, adoption is increasing year on year, and it is an ecosystem that includes sectors that often do not have access to traditional banking and financial products due to the access barriers that exist in these sectors.”
Lemon therefore concluded that “this is a distortive and arbitrary treatment that should be corrected as soon as possible.” Moreover, the need for tax exemptions has become more important for the company as the Central Bank of the Republic of Argentina (BCRA) is considering the possibility of allowing banks to offer cryptocurrencies, according to sources.
According to relatives, Authorization for Argentine banks to offer services using virtual currencies could be completed in April 2026. Although this effort is independent of the check tax issue, Lemon believes both changes should proceed together to ensure a level playing field within the financial system.