The Ministry of Economy in Argentina has drafted a bill which incentivizes citizens of the South American nation to disclose their cryptocurrency holdings in return for discounted tax rates.

The “Externalization of Argentine Savings” law was introduced on January 6th by economy minister Sergio Massa, aimed at retaliating against the adverse impacts that money laundering had on the nation.

Those Argentines which produce a statement that identifies the amount and location of their crypto holdings to the government within 90 days of the law coming into force will pay a miniscule 2.5% tax on crypto gains.  Such incentive encourages Argentines to reveal the whereabouts of their crypto holdings as they will pay less capital gains tax per each 3-month interval.

The tax rate will gradually increase every 90 days to eventually reach 15%, which is the nation’s standard capital gains tax rate.

Sources:

https://cointelegraph.com/news/proposed-bill-in-argentina-to-encourage-citizens-to-reveal-crypto-holdings

https://cryptosaurus.tech/bill-proposed-in-argentina-to-encourage-citizens-to-disclose-crypto-holdings/