Mining cryptocurrency is legal in Argentina, and there are currently no explicit restrictions or requirements. Investing in the cryptocurrency sector has become a more appealing prospect in recent years as the industry expands and the usage of digital currency transactions spreads throughout Argentina. Those looking to open a cryptocurrency company in Argentina may take advantage of the growing market and new prospects. They can start a business in the Argentinian cryptocurrency industry in various ways.
You are welcome to get in touch with our Argentina company formation consultants. They can provide you with detailed information regarding how you can obtain a cryptocurrency exchange license in Argentina.
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How to start a cryptocurrency company in Argentina?
If you want to open a cryptocurrency company in Argentina, you can find a general step-by-step guide below. For detailed information regarding how to obtain a cryptocurrency exchange license, you can get in touch with our consultants. They will provide you with detailed guidance in this regard.
- Plan your cryptocurrency business;
- Form your cryptocurrency business into a legal entity;
- For tax purposes, you must register your cryptocurrency business;
- Establish a business bank account;
- Get credit cards;
- Create an accounting system for your cryptocurrency venture;
- Get the permits and licenses you need for cryptocurrency business;
- Cryptocurrency business insurance;
- Create a brand for your cryptocurrency company;
- Make a website for your cryptocurrency business;
- Get your business system up and running.
If you have further questions in this matter, it is advisable to consult with our company incorporation specialists.
Furthermore, when a foreign firm creates a branch in Argentina, the branch or representative office does not indicate the formation of a new legal entity. Even though a branch must be registered with the Registry of Companies, the regulations regulating its existence and legality are essentially those of the parent business. If you want to open a branch office in Argentina, you can get in touch with our company incorporation team. They will not only help you with incorporation but also explain to you the details of the rules and regulations of a branch office in Argentina.
For detailed information regarding how to obtain a cryptocurrency exchange license in Argentina, you can get in touch with our consultants. They will provide you with detailed guidance in this regard too.
Who is eligible to buy cryptocurrency in Argentina?
If you plan to open a cryptocurrency company in Argentina, it means you have to deal with potential buyers who would be interested in those assets. Our company incorporation agents can provide you with a comprehensive list of requirements that are necessary to fulfill by the potential buyers. There are a few crucial things one should know before buying:
- Provide a passport, national identity card, or driver’s license;
- Public WIFI is not advised to be used during the procedure because it could cause security issues despite being a private and secure internet connection;
- A mobile device that uses two-factor authentication to confirm your identity (2FA);
- A bank account or credit card that can be used to deposit fiat money before buying cryptocurrency;
- A crypto wallet to deposit the money;
- Nearly all exchanges will include built-in wallets, however, for maximum security, it is crucial to withdraw cryptocurrency to one’s private wallet.
These are the requirements that must be fulfilled by a person who wishes to buy cryptocurrency. Furthermore, you are also welcome to get in touch with our agents if you want to obtain a cryptocurrency exchange license in Argentina.
Cryptocurrency laws in Argentina
Our company incorporation agents can help you open a cryptocurrency company in Argentina. But it is also essential to comply well with the country’s regulations. You can find here general Argentine cryptocurrency laws. For details, you can ask us various questions.
In terms of cryptocurrencies, Argentina has acted as a regional leader. The Central Bank is the sole entity authorized by Argentina’s National Constitution to issue legal currency. Since they are not issued by the government’s monetary authority and are not considered legal currency, cryptocurrencies are not recognized as legal currency, as stated in section 765 of the Argentine Civil and Commercial Code. Since they are not a required method of paying off debts or obligations, they may be thought of as money, but not as a legal currency.
Argentina has long kept tight limits on foreign currency exchange. However, it was one of the first countries to accept cryptocurrencies, partly as a protection against inflation and a solution for restrictions on the export of foreign currency. In accordance with 2017 changes to the Income Tax Law, profits made from the sale of digital currency must be treated as income and subject to taxation. For additional details about these amendments, get in touch with our company formation specialists in Argentina.
Taxes on cryptocurrency in Argentina
The revenue received from the possession or disposition of virtual currency is regarded to be from an Argentina source if the issuer is a resident, established, or located in Argentina. The revenue shall be regarded as a foreign source if the subject lives, is established, or is located outside of Argentina. Argentina-source profits are calculated using both Argentina residents and non-residents. Gains derived by residents from the sale of digital currency are taxed at a rate of 15%. Any earnings arising from the holding or disposition of digital currency will be taxed at a general, progressive income tax rate of 25 to 30 percent for residents’ legal entities. If you are a resident who wants to open a cryptocurrency company in Argentina, you are welcome to interact with experts. They will guide you in detail regarding taxation.
Fortunately, there is no value-added tax (VAT) on virtual currency transfers or exchanges in Argentina. You can get further details from our company formation experts regarding how you can comply with Argentinian taxation to avoid any issues.
They can also provide you with consultancy about how to obtain a cryptocurrency exchange license in Argentina. Because to obtain a cryptocurrency exchange license is a lengthy and complicated process that necessitates a particular degree of education and experience. Our Argentina company formation specialists provide professional advice and practical support to individuals interested in opening a cryptocurrency company in Argentina. You can also learn detailed information about cryptocurrency regulations in Argentina. If you need details about regulations in other countries, such as UK, we can put you in touch with our local partners.
Key points about Argentinian cryptocurrency
If you want to open a cryptocurrency company in Argentina, you need to know the points mentioned below. Besides this information, you can also consult with our company incorporation consultants. Here you can find information about the status of cryptocurrency in Argentina:
- Investing in cryptocurrencies is allowed in Argentina, but they are not issued by the government, so they are not regarded as legal currency;
- Profits are taxable even though there are no regulations;
- Bitcoin is one of the various types of cryptocurrencies. Bitcoin ATMs are a great way to purchase bitcoin with cash and have minimal to no KYC requirements. ATMs are frequently found inside gas stations, boutiques, restaurants, malls, or airports. So it is an easy access system;
- A national legal and regulatory framework for using crypto-assets for transactions, investments, and payments has been proposed;
- The regulatory agency with supervision responsibilities will be the Argentina Securities and Exchange Commission (CNV), which intends to keep a national registry of activities with transactions reported to the Financial Information Unit (FIU) for compliance with anti-money laundering regulations.
To avoid money-related crimes, the Unidad de Información Financiera (UIF) (Financial Information Unit) of the local Ministry of Finance formally recognized electronic currency by issuing Resolution 300/2014. This stipulates entities and people required by law to report suspicious transactions involving money laundering or terrorism financing to be especially vigilant concerning operations carried out with virtual currency. In the UIF Resolution, the terms ‘’virtual currency’’ and ‘’electronic currency’’ are distinguished.
Our agents can provide you with comprehensive information about the difference between virtual and electronic currencies. They can further help you comply with the regulations if you want to obtain a cryptocurrency exchange license in Argentina. Their assistance can help you acquire a crypto license without any hassle.
Cryptocurrency trend in Argentina
If you are planning to open a cryptocurrency company in Argentina, you must know that there has been an exponential increase in the use of cryptocurrencies:
- Since the beginning of 2019, the country’s cryptocurrency trend has been steadily rising;
- It is believed that over 1.3 million individuals already utilize cryptocurrency, amounting to 2.94 percent of the country’s population.
Contact our company incorporation consultants if you want to open a cryptocurrency company in Argentina. In addition to company formation, they will also help you to obtain a cryptocurrency exchange license in Argentina.
Furthermore, sole shareholder corporation businesses in Argentina are similar to sole trader companies in other countries and are ideal for people who desire to start their own businesses. The procedure of forming a business in Argentina, however, is not as straightforward as it is in other nations. As a result, finding the correct business to help you negotiate the rules and paperwork will be critical. But you are welcome to get in touch with our company formation experts in Argentina. They will help you to establish a startup in Argentina.