Argentinian Tax Authority Go Raiding In Order To Find Illegal Crypto-miners

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During the last couple of years, lots of new regulations and law have been introduced to regulate the cryptocurrency exchange and production. In many countries, such as China, for example, it has been completely banned. 

In Argentine, a new regulation has been introduced on crypto-assets production. Not all the producers will have to pay taxes, and those who will not follow the instructions might have to go to jail.  Lots of unregistered miners have been caught by the police tax officers during the past several weeks. They should have made a registration in advance, but failed to do so.

The tax agency going on a raid

The national tax agency started to go on a raid, revealing and closing all outlawed cryptocurrency mining stations and organizations after the administration of the state called for cryptocurrency-related tax reform in February and cooperated with customs and social security authorities. The cooperation was rewarded when the tax agency carried out a series of “serial” raids in Rio Quarto.

Miners in Rio Quarto used more than $13,250 per month, which made them identifiable by their electricity bills because they needed to use power to keep their stations working. 

The new measure of tax and crypto regulation

The tax authority claims its new measures will help ensure proper crypto-assets regulation and tax payment. They also need miners to disclose information about their profits, costs, their personal crypto accounts, their wallet number and the all-in-all value of their crypto-assets in fiat currency. 

The agency also became extremely concerned about the mining hardware operating systems and the equipment that miners have used at their houses and the resources of such equipment. They are willing to know how exactly the miners could get such things in Argentina. 

The trigger

What triggered the crisis of the tax authorities due to cryptocurrency mining? After many years of turning a blind eye to cryptocurrency mining, in August this year, AFIP underwent a change in leadership. All the raids have been going throughout Argentina since the beginning of this year.

The government strongly opposes this mining system and is willing for all miners to pay taxes to register their mining systems. This might help in the thought of the administration to improve the monetary stability of Argentina.


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