Milei Exempts Crypto Exchanges From Argentina's 'Cheque Tax'

Argentina's President Javier Milei has taken steps to increase access to crypto exchanges in the country, signing an executive order that exempts registered virtual asset service providers (VASPs) from a contentious tax.

The 'cheque' tax, imposed since November 2021 under former President Alberto Fernandez's executive order 796/2021, levied a 1.2% charge on flows in and out of crypto exchanges. This left VASPs at a disadvantage compared to traditional banks, which were exempt.

Executive Order 475/2026, signed by Milei, aims to 'equalize the conditions' between financial institutions and crypto platforms. As a result, savings from the tax exemption are expected to be passed on to customers in lower deposit and withdrawal fees.

Industry figures have welcomed the move, with Julian Colombo of Bitso saying that it would lead to more competitive exchanges and the creation of new crypto-based products. Manuel Baudroit of Belo expressed gratitude towards Milei, stating that 'millions of Argentines will benefit from these decisions'.