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Crypto laundering: what it is and how it’s done in belo
We tell you everything you need to know about crypto regularization and the step-by-step process to do it simply, with belo.
Under Law No. 27,743, Argentina established a new tax regularization and asset disclosure regime. This allows people to declare assets that were not registered, such as cryptocurrencies, and pay a special tax if applicable
Although it is always advisable to speak with a professional to better understand the implications, in this article we tell you some key points so you know what the famous “crypto regularization” is about
What is the «crypto regularization”
That is the popular name for the new regime that allows people to declare cryptocurrencies, bringing them into compliance with the tax authorities. It is a cost-free process for everyone who regularizes assets worth up to 100,000 USD. If you exceed this amount, a tax must be paid
Crypto regularization consists of 3 stages:
The first stage runs until November 8, 2024. In this stage, amounts below 100,000 USD will not be taxed. If the amount to be regularized is higher, a rate of 5% will have to be paid on the amount exceeding 100,000 USD.
The second stage runs until February 7, 2025 and the rate rises to 10% on the amount exceeding USD 100,000.
The third and final stage runs until May 7 2025 and will have a rate of 15% on the amount exceeding 100,000 USD.
It is important to clarify that the dates are subject to possible extensions. We recommend visiting this site for more details.
Who can regularize cryptocurrencies?
Any Argentine who owns unregistered cryptocurrencies before December 31, 2023 can enter the new regularization regime This includes those who acquired crypto on unregistered exchanges, decentralized wallets, or cold wallets.
Requirements to enter the new regularization regime
Under the new regime, only cryptocurrencies that were obtained before December 31, 2023 can be regularized. The cryptocurrencies to be declared must remain immobilized in a VASP (such as belo) until 08/11/24. Cryptocurrencies that are in a decentralized exchange or a cold wallet cannot be regularized. If you don't have your assets in a VASP, don't worry You can transfer the assets to belo, where you will have to keep them immobilized until 08/11/24. If this requirement is not met, the report cannot be issued, which you will later have to submit to AFIP to carry out the regularization.
At what value are cryptocurrencies considered?
The valuation of your cryptocurrencies is based on the higher value between the price on December 31, 2023 and the price you bought them at. For example, if the price of BTC was 55,000 USD on December 31 and you bought at that price or lower, the value you will declare will be 55,000 USD.
Crypto regularization in belo: step by step
If you bought your cryptocurrencies on belo and held them as of 12/31/23:
Make the declaration of adherence to the Asset Regularization Regime with AFIP.Contact belo Support (hola@belo.app) and request the Crypto Regularization Report on belo.Fill out the requested information and wait for us to verify your case. If you meet all the requirements, we will provide you with the report that you will eventually have to submit to AFIP to file the sworn declaration.
If you did not have cryptocurrencies on belo as of 12/31/23:
Make the declaration of adherence to the Asset Regularization Regime with AFIP.Deposit your cryptocurrencies in belo.Contact belo Support (hola@belo.app) and request belo's Crypto Regularization Report.Fill out the requested information and wait for us to verify your case. If you meet all the requirements, we will provide you with the report that you will eventually have to submit to AFIP to file the sworn declaration. For more details, we suggest consulting the specialists at Tributo Simple, a tool available on PlayStore and AppStore that helps you keep your administration and accounting up to date. With the code BELOFF, you get the first month of subscription free. If you have questions, you can also contact our Support team through this email: hola@belo.app, at any time. We are here to help you
Belo Argentina S.A. – Virtual Asset Service Provider (VASP) registered under No. 52 dated July 19, 2024 in the Registry of Virtual Asset Service Providers of CNV. This registration is for the purposes of control as a Reporting Entity before the Financial Information Unit (UIF) and any other regulatory body authorized for such purpose, within the framework of its powers, and does not imply a license or supervision by the NATIONAL SECURITIES COMMISSION over the activity carried out by the VASP.
