Milei exempts registered crypto exchanges from 1.2% cheque tax

President Javier Milei signed Order 475/2026 in 2026, exempting virtual asset service providers (VASPs) registered in Argentina from the 1.2% ‘debt and credit’ or ‘cheque’ tax on money flows.

The tax had been excluded from bank exemptions since November 2021 under Executive Order 796/2021, which left crypto transactions subject to the surcharge. Order 475/2026 removes that differential treatment for registered VASPs.

By removing the 1.2% surcharge on fiat flows tied to crypto operations, exchanges can reduce fees customers pay when depositing or withdrawing pesos and other fiat currency. Platforms will decide how quickly to reflect the savings in customer fees.

The order states it aims 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.’

Industry executives welcomed the exemption. Julian Colombo, Senior Director for South America at Bitso, called the change a leveler for the market and predicted platforms will launch more crypto-based products in the coming months. Manuel Baudroit, co-founder, CEO and CPO at Belo, expressed gratitude to President Milei and wrote that ‘millions of Argentines will benefit from these decisions.’

The order applies only to VASPs properly registered in Argentina; firms operating without local registration will not automatically qualify. Market participants and regulators noted that registration and compliance will determine which platforms and users benefit from the tax relief.

Officials framed the exemption as part of broader efforts to update rules for digital-asset businesses and align tax treatment across entities that handle similar transaction types. The practical effect is to lower a transaction cost that has affected crypto market flows since late 2021.