Taxpayers must not only pay taxes for the profits they receive from the investments they make in the traditional financial market, but also for the profits they obtain from digital assets such as cryptocurrencies.
To be clear about how much money must be paid to the treasury for the possession of these virtual currencies, the fintech LedgiFi, of Chilean origin, offers assistance services so that taxpayers can keep track of their cryptocurrencies and the tax obligations they represent.
“People tend to think that cryptocurrencies are very decentralized and the idea of not paying taxes goes a bit unnoticed, but you always reach a middle ground to adapt to the rules in each country,” said Rodrigo Hernández, co-founder of LedgiFi. The calculation of taxes through LedgiFi is made based on the cryptocurrencies that a person has and the returns obtained during a certain period.
Currently, Mexican tax legislation establishes that people who receive income from investments must pay a withholding rate of 20 percent in the ISR.
To obtain this information, the platform works with the main trading sites such as Bitso, Binance or Coinbase. In the event that the taxpayer has his wallet with another site, he will only have to upload his account statements and LedgiFi will make the corresponding estimates.
In an interview with El Sol de México, Rodrigo Hernández assured that the goal for the next 12 months is to add between 10,000 and 20,000 users in the country.
Subsequently, the fintech has plans to venture into other Latin American nations with high demand for cryptocurrencies, such as Argentina or Brazil.
“First we must investigate the regulations of each country to find out how they are addressing the issue of cryptocurrencies. In the case of Mexico, although there is no particular regulation, nor is there one in Chile, there are public entities that are already addressing this discussion”, he pointed out.
Currently, Mexican tax legislation establishes that people who obtain income from investments must pay a percentage of Income Tax (ISR) to the SAT.
In the case of cryptocurrencies, these returns are obtained when a person sells an amount from their wallet, be it Bitcoin, Ethereum, MANA, among other currencies.
“We are aware that (cryptocurrency taxes) is a fairly new issue, we believe that it is important to start addressing it and we are willing to be part of the process of working with regulators, in order to address the impact that these currencies are having. ”, added the co-founder of LedgiFi.
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According to a study carried out by the analysis company Chainalysis, as of today, Mexico ranks 28th worldwide in the use of cryptocurrencies. For their part, organizations such as the National Commission for the Protection and Defense of Users of Financial Services (Condusef) reported that in the last two years the number of transactions with Bitcoin in Mexico increased by 342 percent.
At a global level, the discussion is pending to have a regulation on cryptocurrencies, something that was even put on the agenda just a few months ago after the bankruptcy of the FTX exchange portal, considered one of the largest in the world. There are nations like the United States where cryptocurrencies are treated as property and taxed as such.
2023-04-29 08:00:00
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