“The news was unexpected, especially considering the intense joint work that our institution and various public bodies are developing within the framework of multiple regulatory initiatives, such as Transfers 3.0, among many others,” the chamber said in a statement.
“The rule will have an immediate impact on formal operations, which -as their costs increase- will turn to the informal market. Thus, the State will lose visibility on these transactions, which will not decrease in quantity or volume, considering the boom in which they are globally and locally“they said.
Currently, it is not only possible to buy cryptocurrencies through Argentine exchanges or exchange houses, but it can also be done through “peer to peer” exchanges (person to person) that operate with platforms without headquarters in the country and that do not have the obligation to share information with the Central Bank, AFIP or other public bodies.
For this reason, the companies warn that this provision would be promoting a migration to those markets, which are more opaque in the face of the traceability of operations of this type.
“What’s more, The measure will affect the operation of an activity that is in full development throughout the world and that contributes growth, innovation, dynamism, inclusion, and generation of employment to the system“They pointed from the camera.
And they added: “The scope of the standard is not clear either, nor is it clear when it will be operational: the reference to” the terms defined by the applicable regulations “would seem to postpone certain details to future regulations, which raises additional questions.”
Finally, they reiterated that the objective of the companies that make up the chamber is to continue “working together with the Government through a dialogue that allows us to resolve the questions posed by the regulation, thus generating the necessary conditions for the development of a sector that could represent opportunities strategies for our country in the near future. “