Argentine President Javier Milei signed an executive order this week exempting registered crypto exchanges — known as VASPs — from the country's 1.2% cheque tax on money flows. The move directly cuts costs for users depositing or withdrawing fiat funds from those platforms.
What the order changes
The cheque tax, officially the Impuesto a los Débitos y Créditos Bancarios, applies to virtually all bank account movements in Argentina. Until now, crypto exchanges that processed fiat transactions had to collect and remit the 1.2% levy on every deposit and withdrawal. Milei's decree carves out an exception for VASPs registered with the National Securities Commission, effectively treating them like other financial intermediaries that already enjoy exemptions.
For Argentines moving money in and out of exchanges, the tax savings add up fast. A user depositing 100,000 pesos would have lost 1,200 pesos to the tax on each side — 2,400 pesos round-trip. Under the new rule, those fees disappear. The exemption doesn't cover unregistered platforms, so users sticking with licensed exchanges get a clear cost advantage. Given Argentina's history of capital controls and inflation, any reduction in friction matters.
Milei's crypto-friendly streak
The libertarian president has been one of crypto's biggest cheerleaders in Latin America. He's previously floated the idea of dollarizing the economy and has spoken warmly about Bitcoin as a check on central banks. This exemption fits a pattern of deregulation aimed at reducing the state's footprint in financial transactions. It's not a full embrace — crypto income is still taxed — but it removes a tax that Milei's team calls a drag on formal financial activity.
The order takes effect immediately. Exchanges that want to offer the tax-free service need to be on the CNV's registry, a process that's already open. For now, the big question is how many users will shift from informal channels to registered VASPs to pocket the savings.
