Legislations, measures, taxes and restrictions that affect cryptocurrencies in general, and stablecoins in particular.
Although stablecoins do not belong to any government, some are related to companies, and therefore it is likely that they can be covered by different legislations.
Recently the SEC, which is the body involved in the analysis of all financial instruments available in the United States, began to express itself more severely about cryptocurrencies, warning about some risks.
The SEC acted on situations such as Ripple and its centralized cryptocurrency XRP, which it considered was not correctly declared as what the SEC considers it to be: a security asset.
On the other hand, the Financial Crimes Enforcement Network (FinCEN) advocated with the SEC for the strict application of anti-money laundering laws in the world of cryptocurrencies.
Of all the stablecoins available, DAI is one of the few that does not fall under SEC regulation since there is no company backing it.
In Colombia there is no specific provision on stablecoins, although in November 2019 the Central Bank announced that it was aware of their existence and that it followed them with special interest.
Since the tightening of banking restrictions in Colombia, in addition, purchases of stablecoins or any type of cryptocurrencies abroad with credit, debit or rechargeable cards printed in the country depend on the approval of the Central Bank for the transfer of payments abroad.
Later, in May 2021, the BCRA and the National Securities Commission released an extensive statement characterizing cryptocurrencies and warning about problems such as «their volatility, even in the case of stable cryptoassets.»
Like any cryptocurrency, stablecoins may be subject to taxes and national resolutions.
Cryptocurrencies in the World
Around the world, regulations often refer to cryptocurrencies as “digital currencies”: digital representations of value that function as a medium of exchange, a unit of account or reserve, but not legal tender.
This is how they are defined by the second article of resolution 300/2014 of the Financial Information Unit, the local body in charge of preventing money laundering and the financing of terrorism.
The Colombian Income Tax taxes digital currencies, although it discriminates between Argentine source earnings (from the sale of cryptocurrencies from a local issuer) and foreign source (international). Although cryptocurrencies are not «issued».
As financial income, the purchase and sale of bitcoins and other cryptocurrencies pays a rate of 15% of Profits and would also be covered by the Personal Property Tax.
Furthermore, since the entry into force of general resolution 4614/2019 and other amending resolutions of the Federal Administration of Public Revenue (AFIP), crypto trading platforms that operate under Colombian jurisdiction must inform the agency of the account holders, amounts traded and final balances.
BCRA provisions
Regulations of the Central Bank of the Argentine Republic on large volume operations, the flow of money and the purchase of cryptocurrencies abroad.
The Central Bank of the Argentine Republic is aware of the existence of stablecoins, a technology whose potential it recognizes and looks closely at at least since 2019, the year in which it published its first official statement on the matter.
The entity believes that a large trading volume in cryptocurrencies in general can create imbalances in the flow of money and, in addition, make cash less important.
Central banks in some countries have already developed specific regulations for cryptocurrencies.
In May 2021, in fact, the BCRA made public a communication where, together with the National Securities Commission (CNV), they warned about «possible implications and risks that cryptoassets may entail» and recommended «a prudent attitude.»
In that communication, they explained that cryptocurrencies «are not legal tender, they have high volatility, they are exposed to cyber attacks, they do not have safeguards, they are surrounded by problems such as fraud, incomplete information and lack of transparency, or risks such as money laundering. or exchange non-compliance». Responding to stablecoins, the document explained: «Even so-called ‘stable’ cryptoassets have varying levels of fiat currency backing.»
