The world of cryptocurrencies continues to advance and reach new heights, and Argentina is not falling behind. Recently, the Inspección General de Justicia (IGJ) approved the creation of the first Limited Liability Company (SRL) in Latin America with part of its capital in cryptocurrencies. This marks a significant milestone in the institutional adoption of digital assets in the country.
The Beginning of a New Era
On April 12th, the Lawbook SRL, a company dedicated to printing collectible books, was established. The law firm Allende & Brea proposed to the IGJ that the capital contribution be made with cryptocurrencies, specifically bitcoin and USDC, a stablecoin pegged one-to-one with the dollar. Although there was no explicit prohibition, the regulations were unclear about including digital assets as goods in kind.
Approval and Regulation
After three months of collaboration between lawyers, accountants, notaries, crypto wallet providers, and officials, the IGJ issued General Resolution 15/2024. This resolution formally allows capital contributions with cryptocurrencies in the formation and capital increases of companies. The regulation requires that digital assets be specified in the formation document and that their value be certified by a public accountant. Additionally, the funds must be deposited in a platform or wallet registered in the Virtual Asset Service Providers (PSAV) Registry of the National Securities Commission (CNV).
First Case of Capital Contribution in Cryptocurrencies
The first act of capital contribution in cryptocurrencies was recently prepared. One of the partners of Lawbook contributed 0.00457621 bitcoins, equivalent to about $302, and 195 USDC, equivalent to $195. These funds, initially deposited in the Lemon Cash crypto wallet, were transferred to the company's wallet on the Ripio platform. This operation not only demonstrates the feasibility of cryptocurrencies as capital contributions but also highlights their advantages, such as the speed and transparency of transactions.
and Future
The private sector is enthusiastic about this new regulation. Allowing capital contributions in cryptocurrencies facilitates the entry of foreign capital without the need to convert dollars at the official rate, which can be less advantageous. Additionally, cryptocurrency transfers are immediate and can be done at any time, adding efficiency and flexibility.
Delfina Hermansson, legal manager at Lemon, highlighted that this measure not only promotes the development of the crypto ecosystem but also fosters a safe and reliable environment for investment and operation with digital assets. The inclusion of crypto assets in the IGJ regulations represents a significant update to Argentine corporate law and sets an important precedent in the region.
Capital Increase with Cryptocurrencies
Additionally, the IGJ approved the first capital increase integrated with crypto assets in Pulitzer Maipú S.A. This company made a mixed capital increase, including monetary contributions and in-kind contributions consisting of cryptocurrencies called DAI. This registration represents the first precedent of this type of contribution in Argentina, further consolidating the use of cryptocurrencies in the business world.
The IGJ's approval for the creation of companies and capital increases with cryptocurrencies in Argentina is a historic step that can transform the business landscape in the country. This measure not only facilitates the entry of investments but also modernizes the regulatory framework, aligning it with current technological developments.
At Marei, we are ready to advise startups and SMEs in this new context, offering legal solutions that support their growth and adaptation to these innovations.
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