For speakers, the current regulations are sufficient for users.
The Argentine legislators’ bills are “anti-Bitcoin and anti-users,” said one panelist.
Several specialists gave their opinion on the regulation of crypto assets in Argentina within the framework of the second day of DescentralizAR, a virtual event on cryptocurrencies organized by the NGO Bitcoin Argentina. Experts agree that “there is no need for more regulation, but to clarify what already exists.”
The panel was called “What laws and what controls apply to cryptocurrencies in Argentina” and can be viewed in full on YouTube. The moderator was Santiago Mora, although Rodolfo Andragnes, president of the NGO, also participated. As invited speakers to the debate, Marcos Zocaro, Manuel Ponce Peñalva and Camilo Jorajuría de León participated.
One of the participants in the debate, tax specialist accountant Marcos Zocaro, was one of the first to offer his opinion: “Today the exchanges and all the people who trade cryptocurrencies have problems with banks due to the closure of accounts and other issues.” Therefore, he considered, “providing security in this regard would be essential for the ecosystem.”
In the same sense it was expressed Manuel Ponce Peñalva, director of legal affairs at the Buenbit exchange, who explained that currently cryptocurrencies are regulated, but by the background codes included in the Civil and Commercial Code. “There is no specific regulation,” he said.
However, this specialist stated that “today’s regulation is key and sufficient for the user who wants to buy cryptocurrencies.” As Argentina is “an overregulated country,” according to his vision, Ponce Peñalva sees it necessary to “regulate transcendental principles and issues,” such as not being used for illegal activities “and paying taxes, if the State so wishes.”
In this the Fintech lawyer Camilo Jorajuría de León, who expressed that “there is a historic opportunity for regulators with two paths: to ban bitcoin like Bolivia, which would isolate people from the world economy; or be like El Salvador and that people can save in the best currency that humanity has invented.
The projects presented in Argentina to regulate bitcoin
In addition to expressing their position on the regulation of cryptocurrencies in Argentina, the experts commented on the current situation in this regard. About, Marcos Zocaro explained that in Argentina two taxes are applied to cryptocurrencies; As CriptoNoticias has reported, these are the Income Tax and the Personal Property Tax.
In addition, Ponce Peñalva explained that exchanges are not required to comply with KYC policies («Know your client», in Spanish) «because they are not obliged to report to the Financial Intelligence Unit (UIF)». However, most of them do so “because providers are obliged and are exposed to some discomfort if there is no KYC behind it.”
With regard to what could happen in the future, Zocaro considered that the projects presented so far by Argentine legislators “lack knowledge of the ecosystem, and even one is based on student work and provides meaningless definitions.” Later, the accountant assured that these legislators they are unaware of the technology they are trying to regulate.
Camilo Jorajuría de León expressed himself in a similar sense, although he was even harsher with these proposals, considering them “anti-Bitcoin, anti-industry and anti-user.” “Fortunately, there are legislators who are starting from scratch,” he added. Meanwhile, Ponce Peñalva said that “without express regulation, the ecosystem has evolved and continues to do so in a very healthy way.”
Ultimately, the specialists agreed that the way is to convene various actors of the system, including entrepreneurs, professionals, the NGO Bitcoin Argentina itself and academics. Of course, they clarify, it must be a “benevolent” law that attracts investment and that “is reasonable so as not to leave the smallest exchanges out.”