Argentina: Laws Related to Token Sales, Blockchain, and Digital Proof


A hub for blockchain development, Argentina went in favour of blockchain technology and cryptocurrency in a much less time as compared to other neighbouring nations. Many Argentines became interested in Bitcoin early as a hedge against inflation, and in 2018, Argentina is installing 4000 bitcoin ATMs around the country. (Source)

In July 2018, the the Argentine Internet Chamber of Commerce announced the creation of the Federal Blockchain of Argentina(BFA): a distributed ledger for public services. This blockchain has 15 stages of implementation and will depend on no particular cryptocurrency for its function. This project is the amalgamation of three sectors, namely: public, for-profit and non-profit. Additionally, among prominent initiators are Cabase, the network information centre of Argentina, and the Universities Association of Interconnection Networks.

Cryptocurrency Regulation

However, regulation is gaining in Argentina. Possibly the most imporatntly, there is a new regulation in the recent 2018 Argentine tax reform which would impose a 15% tax on profits obtained in digital currency operations, taxing them as securities, despite opposition by the bitcoiner community. (Source) Argentina is also planning regulation to extend money-laundering laws to blockchain, requiring service providers such as exchanges, wallets, and brokers to report suspicious activity to the authorities.

Currently as of June 2018, ICOs in general are not yet subject to specific regulation in Argentina. A report by the Argentine National Securities Commission (CNV - note, in Spanish) in December 2018 noted that in certain cases tokens from ICOs can be considered negotiable securities and their stakeholders could be subject to criminal and administrative responsibilities, however, the report itself also stipulated that the current regulatory framework puts no specific regulation on ICOs.


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