The role of cryptocurrencies in the market

Argentina is one of the world leaders in the retail use of cryptocurrencies: against the backdrop of inflation and peso volatility, residents massively use stablecoins (primarily USDT) as a "digital dollar" and for cross-border settlements. According to industry analysts, for 12 months to mid-2025, the country was among the largest markets in the region in terms of transaction volume.

Regulatory framework: what is allowed and controlled by whom

Crypto "allowed, but not legal tender." Cryptocurrencies in Argentina are legal for private transactions but are not legal tender; the industry is being placed into Regulated Virtual Asset Service Providers (VASP/PSAV) mode under CNV supervision with mandatory registration.

AML reform 2024. Law No. 27. 739 included VASP in the AML/CFT perimeter, strengthened identification and reporting requirements; The UIF has issued detailed risk assessment and management rules for PSAV (Resolución 49/2024). In December 2024, FATF recorded the strengthening of the AML/CFT regime.

Taxes. AFIP explicitly states: the proceeds from the disposal of crypto assets are subject to Impuesto a las Ganancias (income tax/income).

Payment ecosystem: hard no-go for banks and fintech

Banks are not allowed. Since May 2022, BCRA has banned banks from "conducting and/or facilitating operations" with digital assets for customers (Com. “A” 7506).

Fintech wallets are not allowed. Since May 2023, the ban has been expanded to payment service providers with payment accounts (PSPCP): wallets and payment applications cannot sell crypto or initiate operations with a "button."

BCRA risks and motivations. The regulator justifies the restrictions on the protection of users and the stability of the payment system.

Consequence: the official financial showcase is the fiat rails in ARS (peso). Crypto is used "outside" banking and fintech vіtrin: through exchanges-VASPs, P2P and custodial services under the AML supervision of CNV/UIF.

Where crypt really "drives" the market

1. Savings and P2P exchange. High retail adoption of stablecoins (USDT) as a "substitute for the cash dollar" and for informal dollarization of household savings.

2. Cross-border settlements and freelancing. Fast transfers in stablecoins between Argentina and foreign counterparties reduce time/commission friction. (The trend is confirmed by Chainalysis industry reviews.)

3. Fintech outsource. The strengthening of the AML mode has generated demand for KYC providers, transaction monitoring and reporting for VASP - a noticeable B2B sector is being formed around compliance.

Gambling and crypt: why "parallel worlds"

Gambling in Argentina is a provincial competence. Basic rule: prohibited unless authorized by the competent authority; there is no single federal license.

Legal online - only in pesos. In metropolitan jurisdictions (SAA/Prov. Buenos Aires) legal sites are labeled and run by ARS; there is a campaign "play legally." Crypto as a method of calculation is not authorized in the licensed segment.

Offshore crypto bookmakers remain outside the local license: the gambling × crypto connection in Argentina as of 2025 is outside the legal field.

Conclusion: although crypto is popular in everyday life, its role is limited in iGaming: official operators accept only pesos, and channels with crypto payments are extra-jurisdictional platforms with increased legal and consumer risks.

Economic impact: balance of benefits and risks

Pros. Inflation hedge for households; acceleration of B2C/B2B calculations; international cash flows of freelancers and small exports.

Cons. Regulatory and tax risks with unaccounted turnover; strict BCRA bans on banks/wallets; risks for consumers when working with unregulated offshore companies (including illegal online gambling).

What will change before 2030: the baseline scenario

1. Regulation → maturity. The VASP registry and UIF/CNV practice will become the "market norm"; part of the gray turnover migrates to registered providers. The FATF track sets the bar for subsequent updates.

2. Stablecoins are the retail standard. USDT and analogues will retain the role of the "digital dollar" for savings and cross-border settlements of households and small businesses.

3. Gambling will remain fiat. As long as BCRA adheres to strict restrictions on banks/PSP on crypto operations, and provincial regulators require ARS rails, legal operators will only work in pesos; crypto payments are out of bounds.

FAQ

Can I pay crypto on licensed betting sites/casinos?

No, it isn't. Legal operators work in ARS; cryptocurrency payments in gambling are not authorized, and banks/wallets do not have the right to "conduct/facilitate" such operations.

Do I need to pay tax on crypto profits?

Yes I did. AFIP indicates: the proceeds from the sale of crypto assets are subject to Impuesto a las Ganancias (the rate and order depend on the status of the payer).

If the exchange is registered as VASP, is this a green light for crypto in rates?

No, it isn't. VASP registration is about AML/supervision, not gambling: provincial iGaming rules still require peso calculations and local permission.

In Argentina, cryptocurrencies play a significant macro role - as a "digital dollar" and as a technological layer for international payments - but their use is strictly limited in the formal finsector: banks and fintech wallets cannot sell/conduct crypto, and licensed gambling remains fiat (ARS). By 2030, the "white" market share is expected to grow through the VASP registry and AML supervision - while maintaining bans on crypto payments in gambling.