An Argentina-based tax agency is reportedly planning to tighten its regulatory grasp to better supervise entities dealing with crypto coins, such as Bitcoin (BTC), in the nation. 

Specifically, Argentina’s Federal Administration of Public Income (AFIP), has reportedly made it mandatory for crypto exchange platforms and payment companies in the country to submit month-to-month reports of every type of operation carried out by its clients on their platforms. 

Detailed in a notice sent out to crypto companies in the region, the government agency reportedly asked virtual currency service firms to maintain regular lists of every user accounts and identity verifications of clients, together with information regarding their income, expenses, and month-to-month balance.

The AFIP reportedly referred to an information regime form 8126, made up of details regarding administration and intermediation of virtual accounts, virtual wallets, investment, and financing.

The report reportedly emphasized that the AFIP’s crypto legislation has correlations beyond crypto exchanges, covering payment processors including popular crypto-friendly payment application Mercado Pago as well. 

It will be required from the firms to submit all necessary data, with the deadline being the 15th monthly, of the following month. 

The development reportedly surfaced amid the time of the crypto sector booming in Argentina, when the nation is experiencing an economic downturn, inflation, and the major devaluation of the Argentine peso. 

In April this year, Mercado Libre – among the most high-profile Latin American online marketplace – reportedly rolled out a real estate section devoted to crypto, possibly fueling a new wave of crypto adoption across its top three markets, Brazil, Argentina, and Mexico.