Argentina is moving to regulate its rapidly growing cryptocurrency sector with a new law aimed at addressing money laundering and other risks.
The country has seen significant crypto activity, with $85.4 billion in transactions over the past year, driven by high inflation and a weak currency.
The recent fiscal package includes tax amnesty for individuals who disclose up to $100,000 in assets, including crypto. This measure is expected to help Argentina comply with the Financial Action Task Force’s (FATF) requirements and avoid being placed on its grey list, which could impact foreign investment and economic stability.
Roberto Silva of the National Securities Commission indicated that this initiative is the first step in regulating crypto, with future rules possibly aligning with those in the U.S.
Additionally, Lemon Cash, a major crypto exchange in Argentina, has updated its platform to allow users to voluntarily report their assets.
Recent efforts by the Argentine government include a crackdown on crypto-related crimes, resulting in multiple arrests and raids. Officials are scheduled to meet with the FATF in October to discuss Argentina’s progress in combating financial crimes.
Kazakhstan is taking a major step toward integrating digital assets into its national financial strategy, with plans to establish a state-managed crypto-reserve.
Bitvavo, Europe’s largest euro-denominated spot crypto exchange, has officially received a MiCA license from the Dutch Authority for the Financial Markets (AFM), allowing the firm to operate across all 27 European Union member states.
In just two months, crypto tax platform CoinLedger observed a staggering 700% surge in the number of U.S. users receiving IRS warning letters, signaling a sharp escalation in federal tax enforcement targeting digital asset holders.
Ripple CEO Brad Garlinghouse announced Friday that the company is officially dropping its cross-appeal in its long-running legal battle with the U.S. Securities and Exchange Commission (SEC), signaling a final move toward ending the years-long case.