Argentina vs Estonia
Crypto regulation comparison
Argentina
Estonia
Legal
Legal
Cryptocurrency is legal in Argentina and widely adopted due to persistent inflation and currency controls. The CNV regulates crypto service providers under a 2024 registration framework. Argentina has one of the highest crypto adoption rates globally, with stablecoins used as a hedge against peso devaluation.
Estonia was an early mover in crypto regulation, offering licenses since 2017. However, a 2022 overhaul significantly tightened requirements, revoking hundreds of licenses and imposing stricter capital and compliance standards. Crypto gains are taxed at 20% (rising to 22% from 2025).
Tax Type
Income
Tax Type
Capital gains
Tax Rate
5% (peso-denominated) / 15% (foreign currency)
Tax Rate
20-22%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
CNV (Comisión Nacional de Valores), BCRA
Regulator
Finantsinspektsioon (EFSA), Rahapesu Andmebüroo (FIU)
Stablecoin Rules
No specific stablecoin regulation; USD-pegged stablecoins widely used informally
Stablecoin Rules
Regulated under EU MiCA framework
Key Points
- CNV registered as the regulatory authority for virtual asset service providers (VASPs) under FATF guidelines
- Crypto gains taxed as income under the income tax law at progressive rates
- High adoption driven by inflation and capital controls on the Argentine peso
- Exchanges must register with the CNV and comply with AML/KYC requirements
- No legal tender status for crypto; the peso remains the only legal tender
Key Points
- Estonia issued crypto licenses since 2017 but drastically tightened rules in 2022
- Hundreds of crypto licenses were revoked in 2020-2022 due to AML concerns
- New requirements include higher share capital (€100,000-€250,000) and local management
- Crypto gains taxed at 20% personal income tax (22% from 2025)
- MiCA framework applicable from December 2024