Argentina taxpayers held digital wallets with debts. The Tax agency seized near to 1200 such accounts to prevent people from hiding their funds. These Aregentina taxpayers didn’t have any existing bank accounts. In the end, the court will seize all the remaining properties or available properties with the taxpayer. The court has not issued any direction regarding crypto-assets, but you can predict the future.
- The regulators of tax, across the world, are becoming aware and speculative of ways taxpayers use to hide their money to prevent themselves from paying taxes.
- The tax agency (Argentina) is taking control of the wallets which hold debt without any bank accounts in hand.
- These digital wallet services are the services issued by fintech companies that do not require the involvement of authorized financial institutions like banks.
- The practice of curbing such digital wallets was issued in February as soon as the Argentinian Tax agency came up with a list of assets.
The tax agency successfully performed approximately 1250 seizures recently.
Process of seizing such accounts:
The court did not mention any specific procedure for seizing the digital wallets. However, the tax authorities seize the accounts of debtors when they are not left with any other liquid assets in possession. The tax agency of Argentina holds data on all the existing accounts in their system. In addition, this makes it easy for the tax agency to access the funds of the debtors. Also, the tax agency has shown its intention to seize crypto-assets soon in the coming months.