Argentina Orders Crypto Exchanges to Give Monthly Reports on Users



Argentina is updating its regulatory framework to include more controls on financial operations related to cryptocurrencies.

As a result, Argentina's tax authority, AFIP, is demanding monthly reports on client data from crypto exchanges in the country, with the release of Form 8126.

The regulation targets payment processors and non-bank entities that offer some financial services, including crypto exchanges. The mandated disclosure is extensive and includes a complete list of users, the movement of funds, and the available balances at the end of the month.

Argentina Is Starting to Think About a Digital Peso

The formalization of this document comes after an initiative from the Central Bank of Argentina requiring all banking institutions domiciled in the country to provide personal information of clients known to have dealt with cryptocurrencies.

The Central Bank in April demanded any information that would identify customers who held crypto asset accounts or were engaged in the purchase, sale, and/or management of crypto payments. The Central Bank also asked for data of third parties authorized to move such funds.

As Decrypt previously reported, the government of current President Alberto Fernandez is trying to control capital outflows, the devaluation of the Argentine peso, and tax evasion. The Argentine peso lost 10% of its value between January and early April. Clamping down on cryptocurrency transactions is an obvious step. Cryptocurrencies are booming in Argentina not only because of their store of value properties but also because they have been off the radar of the traditional financial system.

Argentinian politicians are working to change that. A proposal from the ruling party wants the AFIP to take charge of the ecosystem, whereas the opposition is proposing shared responsibility among the AFIP, the Central Bank, and the CNV (Argentina’s equivalent to the US Securities and Exchange Commission).

Within Latin America, Argentina has the seventh-highest Bitcoin trading volume on P2P platforms. But, according to information from MakerDAO, the use of stablecoins such as DAI, is growing.


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