By means of Ruling No. 2/2022 (Di Alir), published last July 29, the Argentine tax Authorities (“AFIP”), determined that cryptocurrencies constitute an asset subject to personal property tax.

According to this ruling, cryptocurrencies can be classified as securities, since they share the main characteristics of the latter, i.e.: (i) they are securities incorporated into a book-entry registry -the blockchain-; (ii) they are homogeneous and fungible goods under the terms of article 232 of the Civil and Commercial Code; (iii) their issuance or grouping is carried out in series -the latter being formed by each block that integrates the chain- and; (iv) they may be susceptible to generalized and impersonal traffic in the financial markets.

Following these grounds, the AFIP concluded that cryptocurrencies qualify as a taxable asset, in accordance with the provisions of article 19, paragraph j) and article 22, paragraph h) of the tax law.

Finally, it should be noted that the taxable base will be determined by the last stock market value as of December 31 of each year, if they are listed on stock exchanges or markets; or, otherwise, by their cost increased by the amount of interest, updates and exchange differences that would have accrued on that date, otherwise.

Should you require further information, please contact Mariela Sas sas@berettagodoy.com  and/or Nicolás Surace surace@berettagodoy.com