Argentina has grown to become one of the world’s leading crypto adoption markets, and a new proposal could see crypto begin to be used by traditional lenders.
The Central Bank of Argentina (BCRA) is reportedly looking at allowing traditional lenders to trade in cryptocurrency for their clients.
Local news outlet La Nacion revealed on December 5 the BCRA is considering the proposal in order to help boost the adoption rate of cryptocurrencies such as Bitcoin and ETH. The measure could be approved in April 2026 according to crypto exchanges in Argentina.
Enabling traditional lenders to handle cryptocurrencies and potentially other digital assets has been proposed for some time between regulators and bankers, with an idea to create more open trading of crypto and digital assets.
La Nacion’s report highlights some traditional finance expats believe the measure will enable banks to create new adoption avenues for both employees and customers, but is contingent on certain regulatory requirements.
Crypto exchanges and digital finance firms in the country are also reportedly welcoming the proposal. NGO Bitcoin Argentina President Manuel Ferrari told La Nacion the “positive aspect is enormous” on the likelihood of enabling crypto trading for banks such as Santander and Nación.
However, Ferrari insisted this will come down to a change in traditional financial regulations in Argentina and if banks are open with a “modern vision or if it repeats historical limitations”.
Current Argentine crypto regulations
Since assuming office in November 2023, Argentina’s President Javier Milei, a pro-crypto advocate, has created regulatory frameworks to enable crypto and digital asset growth throughout the country.
Under current crypto regulations, the Comisión Nacional de Valores (CNV) requires incumbent crypto exchanges to become a regulated Virtual Asset Service Provider (VASP), which must report to other entities, such as the Financial Intelligence Unit (UIF), to adhere to AML/CFT obligations.
VASPs operating in Argentina must also appoint qualified compliance officers, monitor suspicious and large transactions to the UIF, and maintain records and annual financial statements.
The Argentine tax authority, the Administración Federal de Ingresos Públicos (AFIP), also classifies cryptocurrency as a tangible asset and therefore, is subject to relevant taxation.
Profits from the sale or exchange of crypto falls under the Capital Gains Tax, which is 15% for foreign-sourced gains and for certain domestic transactions.
Crypto earnings, including rewards from mining and staking, are subject to a tax rate that ranges from as low as 5% to 35% for residents. Individuals and entities must also report their crypto holdings and transactions annually.
Moving forward
La Nacion revealed some banks don’t see crypto as a risk to traditional banking in relation to fears it may take over from fiat and traditional banking services.
“We are in contact with the BCRA permanently, so that financial institutions are enabled the possibility of offering their customers the purchase, sale and custody of cryptocurrencies, as well as the tokenisation of assets,” said one unnamed bank La Nacion spoke to.
A convergence of both traditional and blockchain assets is believed to be the preference for Argentine banks if the proposal can progress and be agreed on in April 2026, as previously highlighted.
Many banks in Europe have begun to offer crypto custody services to banking clients in Europe, off the back of the Markets in Crypto Assets (MiCA) regulation, such as BBVA and Santander.
La Nacion revealed some Argentine crypto exchanges have already been contacted and work with banks to create a framework to support the integration of crypto trading.
