Argentina's Milei Proposes Incentives for Declaring Domestic, Foreign Crypto Holdings in Draft Bill

Crypto is captured in an asset-regularization regime included in a wide-ranging bill that's facing mounting backlash from citizens.

AccessTimeIconDec 28, 2023 at 1:26 p.m. UTC
Updated Mar 8, 2024 at 7:11 p.m. UTC

Declaring domestic and foreign crypto holdings could win Argentines a favorable tax rate and legalize the use of those assets in the country, regardless of their origin or where they are held, under controversial draft bill by newly elected President Javier Milei.

The asset regularization program is part of proposed wide-ranging economic and political reforms. Crypto markets broadly welcomed Milei's November presidential win after he praised bitcoin (BTC) during his campaign. His omnibus bill though is already facing heavy backlash and protests in the country shortly after its introduction on Tuesday.

Cryptocurrencies are among assets ranging from cash to property captured under the proposed regularization regime, with reduced penalties for early declaration. For instance, citizens who declare their crypto holdings before March 31 will be subject to a tax rate of only 5%, a level that increases to as high as 15% by Nov. 30.

The concessions apply to "cryptocurrencies, crypto assets and other similar goods, regardless of who has been their issuer, who is their owner or where they were deposited, guarded or stored," according to the draft bill.

Argentina's decades-long economic woes, from sky-high inflation to currency instability, have previously prompted the country to target billions of dollars in cash or assets held abroad by citizens through amnesty programs.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Sandali Handagama

Sandali Handagama is CoinDesk's deputy managing editor for policy and regulations, EMEA. She does not own any crypto.