Argentina Exempts Registered Crypto Exchanges From 1.2% Cheque Tax

Argentine President Javier Milei signed Executive Order 475/2026, exempting registered virtual asset service providers (VASPs) from the country's 1.2% 'cheque tax' on financial transactions. The measure aims to level the playing field between crypto exchanges and traditional financial institutions in Argentina's financial products market. The debt and credit tax, commonly known as the 'cheque tax,' has affected crypto exchange flows since November 2021, when former President Alberto Fernandez issued Executive Order 796/2021 that included traditional banks in tax exemptions but explicitly excluded operations involving crypto assets.

Executive Order 475/2026 Extends Tax Exemptions to Crypto Exchanges

Executive Order 475/2026 extends tax exemptions to VASPs registered in Argentina, stating that it was necessary to "adapt the regulations applicable to certain actors in light of technological advances and the resulting new regulatory framework, and, on the other hand, to equalize the conditions of entities that—while carrying out activities of a similar nature—are subject to different tax treatment."

The 1.2% tax previously applied to deposits and withdrawals at crypto exchanges, while traditional banks operated without this surcharge. The exemption allows crypto exchanges to reduce fees for users by eliminating this cost from their operations.

Industry Leaders Welcome Tax Reform

Julian Colombo, Senior Director for South America at Bitso, stated: "After 534 days, the playing field has been leveled. The 'cheque tax' exemption for the regulated crypto sector has been approved. We will feel the impact of this in the coming months; I can already see more and better products coming from all the platforms."

Manuel Baudroit, co-founder, CEO, and CPO at Belo, thanked Javier Milei for the reform, stating that "millions of Argentines will benefit from these decisions."

FAQ

What is Argentina's 'cheque tax' that crypto exchanges were previously subject to?

The 'cheque tax,' formally known as the debt and credit tax, is a 1.2% surcharge on financial transactions. Former President Alberto Fernandez imposed this tax on crypto exchange operations in November 2021 through Executive Order 796/2021, while exempting traditional banks from the same charge.

How does Executive Order 475/2026 change the tax treatment of crypto exchanges in Argentina?

Executive Order 475/2026 exempts registered virtual asset service providers (VASPs) from the 1.2% cheque tax, placing them on equal footing with traditional financial institutions that were already exempt. Crypto exchanges can pass these savings to customers through reduced deposit and withdrawal fees.