President Milei Exempts Registered Crypto Exchanges From Argentina’s 'Cheque Tax'

The administration of Javier Milei has issued an executive order establishing exemptions to the 1.2% tax affecting money flows involving VASPs. The measure directly benefits users, who will now save these funds when depositing (or withdrawing) fiat funds from VASPs.

• Key Takeaways:
• • Javier Milei signed Order 475/2026, cutting exchange tax costs to level the Argentine crypto market.
• • The law cuts a 1.2% cheque tax from November 2021, allowing exchanges to drop fees for users.
• • Manuel Baudroit thanked Javier Milei for the reform, which is expected to boost the crypto product suite in 2026.

Crypto Tax Exemption Executive Order Levels The Financial Playing Field in Argentina

Argentina has taken a step in the right direction to democratize access to alternative financial platforms in the country.

President Javier Milei has issued an executive order declaring tax exemptions for virtual asset service providers (VASPs) registered in Argentina. The measure aims to increase the inclusion of crypto exchanges in the Argentine financial products market, leveling the playing field with traditional institutions.

The “debt and credit” tax, commonly known as “cheque” in Spanish, affected flows going in and out of crypto exchanges since November 2021, when former President Alberto Fernandez issued executive order 796/2021, which included traditional banks in these exemptions but explicitly excluded operations involving crypto assets.

Executive Order 475/2026 extends these exemptions to VASPs, stating that it was necessary to “adapt the regulations applicable to certain actors in light of technological advances and the resulting new regulatory framework, and, on the other hand, to equalize the conditions of entities that—while carrying out activities of a similar nature—are subject to different tax treatment.”

Now, these 1.2% savings will be extended to customers, as exchanges are poised to become more competitive, lowering deposit and withdrawal fees previously impacted by this surcharge.

Local industry figureheads celebrated the measure, stressing that it would benefit both consumers and the adoption of crypto assets in Argentina. Julian Colombo, Senior Director for South America at Bitso, highlighted that this would evolve into more crypto-based products being created.

“After 534 days, the playing field has been leveled. The ‘cheque tax’ exemption for the regulated crypto sector has been approved. We will feel the impact of this in the coming months; I can already see more and better products coming from all the platforms,” he stated.

Similarly, Manuel Baudroit, co-founder, CEO, and CPO at Belo, thanked Javier Milei, stressing that “millions of Argentines will benefit from these decisions.”