Argentina introduces a crypto tax regime on back of El Salvador’s Bitcoin story

Bybit

Countries around the world are now waking up to how the crypto space could play a pivotal role in their wider economic life as a number of them are now introducing taxes for the space.

The latest country to implement a tax regime for the space is Argentina whose authorities released an official notice on November 16 that will see crypto exchanges with bank accounts in the country charge 0.6% tax on every transaction.

Argentina’s new crypto tax regime

According to details of the new tax rule, it would be subjected to the country’s cheque tax rule meaning all crypto-related transactions which could either be buying or selling made via a crypto exchange in the country would pay a 0.6% tax.

Previously, Argentina had equated crypto transactions to be the same thing as cash transactions which made them free of any tax obligations. However, despite this exemption, crypto transactions were generally taxed under capital gains tax the country had introduced in 2017.

“The exemptions provided for in this decree and in other regulations of a similar nature will not be applicable in those cases in which the movements of funds are linked to the purchase, sale, exchange, intermediation and/or any other operation on crypto assets, cryptocurrencies, digital coins, or similar instruments, in the terms defined by the applicable regulations,” the report reads in part.

Crypto tax applications around the world

With Argentina’s new law, it joins a number of countries that are now taxing their citizens for transacting in crypto. 

The United States government recently signed the infrastructure bill which includes a tax reporting provision that applies to the digital assets space.

We also reported that South Korea is implementing a 20% tax on gains of over 2.5million won ($2,116) made via crypto activities. The country, however, revealed that NFTs are exempted from this taxation.

Apart from these countries, places like El Salvador, Portugal, Switzerland and a few others are choice destinations for crypto investors due to their crypto-friendly tax regimes.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Bybit

Like what you see? Subscribe for updates.

Source link

Newsletter

Crypto Table

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin54,755 0.09 % 0.59 % 8.87 %
Ethereum4,119.5 0.24 % 0.34 % 7.14 %
Dogecoin0.1995 0.56 % 3.71 % 15.00 %
Stellar0.3128 0.76 % 4.48 % 10.84 %
Monero234.87 0.72 % 0.64 % 5.41 %
Litecoin190.30 0.16 % 3.52 % 15.93 %
Cardano2.130 5.25 % 14.29 % 51.99 %
Polkadot33.69 0.40 % 5.87 % 20.14 %
Chainlink35.51 4.98 % 14.74 % 37.62 %

Converter

Crypto Hot Picks

Ethereum Devs Assess Reducing Data Transfer Cost 5x, EIP-4488 Becomes Possible Solution – Technology Bitcoin News
November 28, 2021
Don Tapscott’s ‘Platform Revolution’ book review
November 28, 2021
3 Play-to-Earn Crypto Games Users Can’t Afford To Miss
November 28, 2021
Bitcoin Retirement Generational Wealth Planning
November 28, 2021
3 Crypto Games That Should Be On Every Investor’s Radar
November 28, 2021

Related Posts

Leave a Reply