President Javier Milei has signed an executive order exempting registered virtual asset service providers (VASPs) from Argentina’s “impuesto al cheque” — the 1.2% tax on credits and debits in bank accounts that had applied to crypto exchange flows since late 2021. The move levels costs with traditional banks and many fintechs, with the savings expected to reach users through lower deposit and withdrawal fees.

The decree, published in the Boletín Oficial, extends exemptions that previously favored conventional players to CNV-registered crypto platforms operating exclusive accounts for their activities. It is the latest in a series of steps under the current administration to reduce friction for the country’s active crypto user base.

Context: the cheque tax and its uneven application

The Impuesto sobre los Créditos y Débitos en Cuentas Bancarias y Otras Operatorias (commonly called the cheque tax) was established by the Ley de Competitividad and regulated through decrees. In November 2021, under the prior administration, an order carved out exemptions for banks and certain payment processors, but explicitly kept crypto-related operations in scope.

As a result, when users moved fiat in or out of exchanges — even regulated ones — the 1.2% hit applied to the underlying bank movements. Platforms absorbed part of it or passed it through in fees; either way, it raised the effective cost of on- and off-ramps compared with traditional channels or exempt fintechs.

Argentina’s VASP registration framework, administered by the Comisión Nacional de Valores (CNV), has been in place for years. Registered providers must meet compliance, AML, and operational standards. The new decree treats qualifying accounts used exclusively for VASP activities in a manner similar to other exempted payment-service operators.

What Decree 475/2026 actually does

Signed June 17 and published the next day, the order amends the decree annex to add:

  • Accounts used exclusively for operations inherent to the activities of registered Proveedores de Servicios de Activos Virtuales (VASPs) listed in the CNV registry.
  • Those accounts must also be registered under the relevant AFIP rules for tax identification.

The exemption applies to the movements tied to serving end consumers. It does not create a blanket pass for all crypto activity; it targets the on/off-ramp fiat legs at licensed platforms.

In the decree’s own words, the changes adapt rules to technological advances and the new regulatory framework while equalizing treatment for entities performing similar activities.

Industry reaction

Local platforms welcomed the change.

Julián Colombo, Senior Director for South America at Bitso, posted that after 534 days the playing field is leveled for the regulated crypto sector. He expects the impact to show in coming months through more and better products from platforms across the market.

Manuel Beaudroit, co-founder, CEO and CPO at Belo, publicly thanked President Milei, noting that millions of Argentines stand to benefit from decisions like this.

Executives see the relief as enabling platforms to compete more directly on price and features without the legacy surcharge that only crypto operators carried.

Why LatAm cares

Argentina consistently ranks among the world’s highest crypto-adoption markets. Households and businesses have long used bitcoin and stablecoins to navigate inflation, currency controls, and banking frictions. On- and off-ramps at local platforms are the practical gateway for most users.

Removing a 1.2% embedded cost on fiat-crypto movements directly improves the economics for retail participants who deposit pesos to buy stablecoins or withdraw proceeds. For freelancers, merchants, and small businesses that rely on these rails, even modest fee reductions compound.

The policy also signals continuity in the direction of treating regulated crypto infrastructure more like other financial services. That matters for neighboring markets watching how VASP regimes evolve — from Brazil’s virtual assets law to Mexico’s frameworks and beyond. Lower operational drag at scale can support deeper liquidity, more local-currency pairs, and additional payment or savings products built on the same rails.

Users who prefer self-custody still benefit: the lower friction happens at the regulated on-ramp, after which assets can move to personal wallets.

Takeaway

Executive Order 475/2026 removes an explicit competitive disadvantage that had sat on Argentina’s crypto exchanges since late 2021. For users, the direct effect should appear as cheaper or more competitive fiat on- and off-ramps at platforms that were already CNV-registered.

The change is narrow and technical — specific accounts, registered operators, consumer-facing flows — but it is concrete. It lowers one barrier without altering custody models or creating new mandates.

Nothing here is financial, tax, or legal advice. Fee changes, product rollouts, and exact implementation details will come from the platforms themselves. Primary documents and official announcements remain the authoritative sources.

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