The Government of the City of Buenos Aires has unveiled "BA Cripto," an ambitious initiative designed to transform the capital into a global cryptocurrency hub. This comprehensive package of measures not only enables citizens and businesses to use digital assets for governmental transactions but also establishes a more favorable fiscal framework to attract leading companies in the blockchain sector, positioning Buenos Aires at the forefront of crypto adoption in Latin America and beyond.
Embracing Crypto for Public Services
Under the "BA Cripto" program, residents and enterprises in Buenos Aires can now seamlessly pay a wide range of taxes and non-tax services using cryptocurrencies. This includes property taxes (ABL), vehicle patents, gross receipts (Ingresos Brutos), as well as administrative procedures like renewing driver's licenses or settling traffic fines. Payments are facilitated through a simple QR code scan, with an initial selection of virtual wallets supported and future plans to integrate a proprietary aggregator for broader accessibility. This move aims to significantly reduce bureaucracy and make compliance easier, signaling the city's commitment to modernizing its financial ecosystem.
Strategic Reforms to Attract Crypto Businesses
Beyond facilitating individual and business payments, "BA Cripto" introduces strategic regulatory and fiscal reforms specifically designed to foster the growth of the cryptocurrency industry within the city. Key measures include the creation of a new, specific category for crypto asset trading in the economic activities nomenclature, which simplifies tax declarations and provides greater clarity for businesses. Furthermore, the calculation of Gross Receipts tax for crypto trading has been modified, with companies now only taxed on the price difference (spread) rather than the total transaction amount, aligning it with other financial instruments. Virtual Asset Service Providers (VASPs) will also be excluded from certain bank retention schemes, reducing bureaucratic burden and protecting their working capital. These proactive steps are intended to cultivate a welcoming environment for crypto firms, encouraging investment and job creation in Argentina's capital.
