Blab Crypto
Argentina Exempts Registered Crypto Exchanges from Cheque Tax, Leveling Playing Field
In a decisive move that could reshape the digital‑asset landscape, President Javier Milei signed Executive Order 475/2026 on 20 June 2026, stripping the 1.2 % “cheque” tax from virtual‑asset service providers (VASPs) that are licensed in Argentina. The order extends a tax exemption that had previously applied only to traditional banks.
The “cheque” tax, formally a levy on credits and debits, has been a fixture of Argentine fiscal policy since 2001. In November 2021, Executive Order 796/2021 exempted banks from the tax but explicitly excluded crypto‑asset operations. The new decree reverses that stance, arguing that regulations must evolve with technological advances and that entities performing similar activities should face equal treatment.
Under the 2026 order, VASPs will no longer be subject to the surcharge that had been applied to crypto exchanges. The exemption is expected to lower deposit and withdrawal fees for users, as exchanges can reduce the costs that were previously passed on to customers.
Industry voices welcomed the change. Julian Colombo, Senior Director for South America at Bitso, said the measure would “level the playing field” and that he expects to see more and better products from platforms in the coming months. Manuel Baudroit, co‑founder, CEO and CPO of Belo, thanked Milei and noted that “millions of Argentines will benefit from these decisions.”
The move is part of a broader effort by the Milei administration to deregulate and modernise Argentina’s financial sector. The government has pursued a series of reforms aimed at reducing fiscal burdens, cutting public spending and encouraging private investment.
For crypto exchanges, the exemption removes a cost that had made them less competitive compared to traditional banking services. By eliminating the tax, exchanges can offer lower fees and potentially attract more users, which could increase overall crypto adoption in a country that has historically faced high inflation and limited access to international payment systems.
The order also aligns Argentina with other jurisdictions that have introduced tax incentives for digital‑asset businesses. While the country has a well‑established VASP licensing framework that does not require fixed capital deposits, the new tax exemption adds a further incentive for firms to operate locally.
The Argentine tax authority, AFIP, has implemented the exemption through a regulatory update that applies to all registered VASPs. The change is expected to take effect immediately for exchanges that are already licensed.
Analysts note that the exemption could lead to a measurable reduction in the cost of cross‑border crypto transactions for Argentine users. It may also encourage the development of new crypto‑based financial products, such as stablecoin‑backed savings accounts or tokenized asset offerings.
The decision comes amid a period of significant economic reform in Argentina. Inflation has fallen, and the government has achieved its first fiscal surplus since 2008. The administration’s focus on deregulation has attracted attention from both domestic and international investors.
While the exemption removes a direct tax burden, exchanges will still be subject to other regulatory requirements, including anti‑money‑laundering rules and reporting obligations. The order does not alter the existing licensing regime or the broader compliance framework.
In the short term, the exemption is expected to lower transaction costs for users and increase competition among exchanges. In the longer term, it could contribute to broader financial inclusion and the growth of Argentina’s digital‑asset ecosystem.
The Argentine government has not announced any further tax changes for the crypto sector at this time. The impact of the exemption on market dynamics and user behavior will become clearer as exchanges adjust their fee structures and new products are launched.
Overall, the 2026 executive order represents a significant policy shift that removes a longstanding tax barrier for crypto exchanges, potentially accelerating the adoption of digital assets in Argentina.
The “cheque” tax, formally a levy on credits and debits, has been a fixture of Argentine fiscal policy since 2001. In November 2021, Executive Order 796/2021 exempted banks from the tax but explicitly excluded crypto‑asset operations. The new decree reverses that stance, arguing that regulations must evolve with technological advances and that entities performing similar activities should face equal treatment.
Under the 2026 order, VASPs will no longer be subject to the surcharge that had been applied to crypto exchanges. The exemption is expected to lower deposit and withdrawal fees for users, as exchanges can reduce the costs that were previously passed on to customers.
Industry voices welcomed the change. Julian Colombo, Senior Director for South America at Bitso, said the measure would “level the playing field” and that he expects to see more and better products from platforms in the coming months. Manuel Baudroit, co‑founder, CEO and CPO of Belo, thanked Milei and noted that “millions of Argentines will benefit from these decisions.”
The move is part of a broader effort by the Milei administration to deregulate and modernise Argentina’s financial sector. The government has pursued a series of reforms aimed at reducing fiscal burdens, cutting public spending and encouraging private investment.
For crypto exchanges, the exemption removes a cost that had made them less competitive compared to traditional banking services. By eliminating the tax, exchanges can offer lower fees and potentially attract more users, which could increase overall crypto adoption in a country that has historically faced high inflation and limited access to international payment systems.
The order also aligns Argentina with other jurisdictions that have introduced tax incentives for digital‑asset businesses. While the country has a well‑established VASP licensing framework that does not require fixed capital deposits, the new tax exemption adds a further incentive for firms to operate locally.
The Argentine tax authority, AFIP, has implemented the exemption through a regulatory update that applies to all registered VASPs. The change is expected to take effect immediately for exchanges that are already licensed.
Analysts note that the exemption could lead to a measurable reduction in the cost of cross‑border crypto transactions for Argentine users. It may also encourage the development of new crypto‑based financial products, such as stablecoin‑backed savings accounts or tokenized asset offerings.
The decision comes amid a period of significant economic reform in Argentina. Inflation has fallen, and the government has achieved its first fiscal surplus since 2008. The administration’s focus on deregulation has attracted attention from both domestic and international investors.
While the exemption removes a direct tax burden, exchanges will still be subject to other regulatory requirements, including anti‑money‑laundering rules and reporting obligations. The order does not alter the existing licensing regime or the broader compliance framework.
In the short term, the exemption is expected to lower transaction costs for users and increase competition among exchanges. In the longer term, it could contribute to broader financial inclusion and the growth of Argentina’s digital‑asset ecosystem.
The Argentine government has not announced any further tax changes for the crypto sector at this time. The impact of the exemption on market dynamics and user behavior will become clearer as exchanges adjust their fee structures and new products are launched.
Overall, the 2026 executive order represents a significant policy shift that removes a longstanding tax barrier for crypto exchanges, potentially accelerating the adoption of digital assets in Argentina.
