- Argentina orders crypto exchanges and payment firms to file reports on their operations.
- The crypto exchanges and payment firms will submit their report 15th of every month.
- The authority’s regulation came due to how digital currency is battling Argentina’s Peso.
Argentina’s Federal Administration of Public Income (AFIP), has ordered local crypto exchanges and payment firms to give reports of their operations.
The authority launched the regulation due to how digital currency is going mainstream in Argentina. Also, the regulation intends to battle the increasing popularity of digital assets over Argentina’s Peso.
What is more, it aims to reduce how digital assets are causing inflation and devaluation to the Peso.
Based on a report, both the crypto exchanges and the payment firms will mainly submit their reports on the 15th of every month.
Moreover, the tax authority also asked all virtual currency service providers to keep a list of their customers accounts. Not only the user’s account, but the AFIP also ordered that the said firms should keep the client’s identity verifications, income, expenses, and monthly balance as well.
Of note, Argentina’s current crypto regulation is not only on crypto exchanges. Instead, the regulations also deal with heavyweight payment processors including crypto-friendly payment app Mercado Pago.
The Argentina authority seems to be eager on the crypto industry nowadays. In April, the Central Bank of Argentina even asked its local banks to give information about customers who use Bitcoin (BTC).
Aside from this, Argentina congressman Ignacio Torres also disclosed crypto-bill plans to the Argentine Parliament.
This article was first published on coinquora.com