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Argentinian Tax Agency Increases Scrutiny of Crypto Traders and Holders with New Requirements

To tighten its oversight of cryptocurrency holders and traders, the Argentinian Tax Agency is monitoring their movements. 

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Argentinian Tax Agency Increases Scrutiny of Crypto Traders and Holders with New Requirements

The institution is sending emails to Argentinian citizens inquiring about data concerning alleged cryptocurrency transactions made under their names. The agency needs the public keys and a list of transactions that were made within a specified time frame.

Argentinian Tax Agency will scrutinize crypto users

The Argentinian tax watchdog AFIP has decided to direct the fight against cryptocurrency tax evasion to the users of these currencies. Although the agency previously required information from exchanges, this responsibility now falls to users who have received a request to answer questions about their digital assets history.

Users are required to provide data such as the public keys to the wallets they currently manage and a list detailing digital asset movements. This must include dates, cryptocurrencies involved, amounts moved and the type of operation. The citizens must also justify where the funds were originated and what crypto savings they have.

According to German Nlhoul of Criptocontador, the required information should include transactions dating back to 2018.

Expert Opinion Differs

Experts in the country are divided on the new move by the AFIP. Some believe that the institution is entitled to request this information from crypto users. Juan Manuel Scarso is a fintech tax expert.

[The AFIP] can verify at any time, even with regard to current fiscal periods the compliance of the obligors/responsible to the laws and regulations. It also has the power to supervise any alleged responsible.

Others, however, differ in their opinions and believe that the Argentinian Tax Agency may be too broad by requesting certain data from citizens without stating clearly the purpose. Mariano Neira stated that Mariano Neira was guilty of this.

There are two things that can be noticed among the crypto assets requirements: an exaggerated request for information and a clear effect on patrimonial intimacy.

This information is already required from the exchanges. They must comply with this law. Some speculate that the pivot could be due to non-compliance by the exchanges with the regulation. This forces the agency to seek out the information from other sources.