Argentina’s tax authority has seized more than 1,000 cryptocurrency wallets linked to delinquent taxpayers in the country.
According to reports from local media outlets, courts across Argentina authorized the seizure of 1,269 cryptocurrency wallets belonging to citizens with outstanding debt to Argentina’s Federal Administration of Public Income (AFIP).
AFIP took the step to seize crypto wallets belonging to tax delinquents in May. There was also an order for cryptocurrency exchanges and payment service providers to deliver monthly reports on users of their platforms.
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Crypto services were requested to verify the identity of clients and keep records of user accounts. They were also requested to give a detailed financial statements including income, expenses, and monthly balances.
With these firms supplying this information to the tax authority, AFIP has been able to enforce embargoes on the holdings in wallets linked to errant taxpayers over the past few months.
AFIP’s current standard operating procedure typically targets bank accounts and other liquid assets to recoup debts as the first port of call. If a taxpayer cannot settle their debt or is unbanked, the AFIP will look to seize other assets belonging to the individual.
