Argentina

Argentina has a statutory crypto tax framework — a 15% capital gains tax (impuesto a las ganancias) on disposal gains for individuals — but the practical application is significantly complicated by the country's macroeconomic environment. Chronic high inflation, periodic currency controls, parallel exchange rates, and economic instability mean that the stated framework and its real-world application diverge in material ways. The AFIP (Administración Federal de Ingresos Públicos) administers tax collection, though enforcement capacity has been uneven due to resource constraints. A notable tax amnesty programme concluded in March 2025, which allowed voluntary disclosure of previously undeclared assets including crypto in exchange for reduced penalties.

Core Tax Treatment

Individual crypto gains are taxed at a flat rate of 15% on the disposal gain, calculated as the difference between acquisition cost and proceeds, both denominated in Argentine pesos (ARS). This sounds straightforward but is rendered complex by Argentina's inflation environment: ARS-denominated gains can be enormous in nominal terms while reflecting minimal or negative real-terms appreciation. Argentine tax law does not provide a comprehensive inflation indexation mechanism for crypto gains, though periodic adjustments to the general tax framework are common.

Crypto-to-crypto swaps may be taxable disposals, though the regulatory guidance is not explicit on this point. The cautious approach is to treat each swap as a disposal event and calculate the embedded ARS gain accordingly.

Personal Assets Tax (Bienes Personales)

In addition to the 15% CGT on gains, Argentina imposes a Personal Assets Tax (Bienes Personales) on the total value of an individual's assets as of 31 December each year. Crypto holdings are included in the Bienes Personales base, valued at acquisition cost in ARS. Tax rates range from 0.5% to 1.75% on net assets above the exemption threshold (approximately USD 100,000 equivalent at official rates). This creates an annual carrying cost on crypto holdings regardless of whether any disposals occur — similar in structure to the Swiss wealth tax but with the added complication of ARS valuation at potentially unrepresentative official exchange rates.

Inflation and Currency Complexity

The most material practical challenge in Argentine crypto taxation is the interplay between nominal ARS gains and real purchasing power. An investor who bought 1 BTC for ARS 1,000,000 in 2022 and sold for ARS 15,000,000 in 2024 has a nominal ARS gain of ARS 14,000,000 — which is fully subject to 15% CGT. But during the same period, ARS depreciated massively against USD. In USD terms, the investor may have made little or even lost money. The 15% CGT applies to the nominal ARS gain regardless.

The parallel exchange rate (dólar blue or CCL) further complicates valuations. Official ARS/USD rates have historically diverged significantly from market rates. Taxpayers and their advisers must navigate which rate to use for asset valuation and whether consistency with prior years is required.

The 2024 Tax Amnesty

Argentina's Régimen de Regularización de Activos, which ran through March 2025, allowed individuals to voluntarily declare previously undisclosed assets — including offshore crypto holdings — in exchange for a regularisation tax (between 5% and 15% depending on timing and asset type) and immunity from penalties. The amnesty has now closed. Individuals who did not participate and hold undisclosed crypto face potential detection through CARF implementation and increasing international data exchange under AFIP's information-sharing agreements.

Reporting

Crypto gains and holdings are declared in the annual AFIP return, filed by June each year for the prior calendar year. The Ganancias (income tax) return covers disposal gains; the Bienes Personales return covers year-end holdings. Argentina has committed to CARF by 2027. AFIP's data-matching capability is improving, though enforcement has historically been inconsistent due to resource and institutional constraints.