Decree 475/2026: Argentina exempts PSAVs, payment fintechs, card issuers and cash carriers from the check tax

Yesterday's Official Gazette published Decree 475/2026, signed by President Milei, Chief of Cabinet Adorni and Economy Minister Caputo, which amends the regulations of the Tax on Credits and Debits in Bank Accounts and Other Transactions (Law 25,413), commonly known as the check tax. The decree introduces exemptions for four categories of parties operating in the digital and financial economy, repeals a restriction that since 2021 had excluded crypto-asset transactions from any tax benefit under this tax, and aligns the tax treatment of parties carrying out substantially similar activities. The changes apply to taxable events arising on or after June 18, 2026.

The asymmetry the decree corrects

Until yesterday, the check-tax regime treated parties carrying out functionally equivalent operations unequally. Banks enjoyed an exemption for the accounts used in their ordinary business. Electronic payment and collection service companies (payment fintechs such as Mercado Pago, Ualá, among others) had partial coverage, with grey areas over the scope of the exemption. Virtual Asset Service Providers (PSAVs), regulated by the CNV, were directly excluded from any benefit: a general clause added in 2021 prevented crypto-asset transactions from accessing the regime's exemptions. The result was that crypto platforms paid the check tax on movements that, in the traditional financial system or in the fintech world, were exempt.

What changes for PSAVs

The decree produces two legal effects for the crypto sector. The first is the repeal of the second-to-last paragraph of article 10 of the regulations, the clause that globally excluded virtual-asset transactions from the regime's benefits. That general restriction disappears. The second is the creation of a specific exemption: accounts used exclusively by PSAVs to carry out their activity are exempt from the tax, provided the provider is registered in the CNV's PSAV Registry and the accounts are registered with ARCA under General Resolution 3900 (former AFIP).

The exclusivity condition is critical. The exemption reaches accounts dedicated exclusively to the PSAV activity. If an account is used for mixed purposes (PSAV operations plus other company activities), it does not qualify. PSAVs will need to assess whether their bank-account structure is adequately segregated to capture the benefit, or whether they need to open dedicated accounts. The dual registration (CNV plus ARCA) operates as a filter: only formally regulated PSAVs access the exemption, which leaves out informal or unregistered operators.

What changes for payment and collection fintechs

The decree replaces subsections of the regulations to clarify that accounts used exclusively by electronic payment and collection service companies acting on behalf of third parties are exempt from the tax. The exemption covers movements for the deposit or delivery of cash and includes these companies' official agents. The reformulation seeks to close the grey areas that generated controversy over the exact scope of the exemption and to align the treatment with what banks receive for analogous operations.

Card issuers and cash-in-transit companies

Two additional sectors are covered. Credit, purchase and debit card issuers obtain the removal of charges on certain financial movements tied to financing their operations. Cash-in-transit companies access the exemption for accounts used exclusively to remit to their clients the cash they collect, provided they are registered in the Registry of Securities Carriers administered by the BCRA.

Legal structure of the benefit and conditions of access

The exemption operates on three concurrent requirements in every case: registration in the relevant sector registry (the CNV for PSAVs, the BCRA for cash carriers, ARCA for payment fintechs), exclusive dedication of the accounts to the specific activity, and registration of the accounts with ARCA. Losing any of these conditions means losing the exemption. There is no transition regime: the rule applies from its publication to taxable events arising on or after June 18, 2026.

One aspect that deserves attention is the relationship between this exemption and the creditable tax credit. The check tax generates, under certain conditions, a credit that can be offset against Income Tax or Minimum Presumed Income Tax. The decree's exemption removes the tax directly, which means the covered operations no longer generate the base for computing that credit. For companies that had been using the tax credit as a tax-planning tool, the analysis must consider both sides of the equation.

What it means for the crypto and fintech ecosystem

For PSAVs, the decree resolves a distortion the industry had been flagging since 2021. The Bases Law (27,742) had advanced the sector's regulation through the CNV, and the CNV had built a registration, supervision and compliance regime for PSAVs. But the tax regime kept treating them as outsiders to the financial system. Decree 475/2026 closes that gap: if the State regulates PSAVs as capital-markets participants, the tax regime should reflect that status. The exemption is not an exceptional benefit, but rather alignment with the treatment that traditional financial players already received for equivalent operations.

For payment fintechs, clarifying the scope of the exemption reduces the risk of tax contingencies arising from restrictive tax-authority interpretations of which accounts and which movements were covered. For both sectors, the immediate priority is to review the bank-account structure, verify that the accounts dedicated to the activity are properly registered with ARCA and segregated from any other use, and document registration in the relevant sector registry as a condition of access to the benefit.

How Jarsun, Ferreira & Calvo helps

At Jarsun, Ferreira & Calvo we advise PSAVs, fintechs and digital-asset platforms on the tax planning of their Argentine operations, including the analysis of exemptions, coordinating compliance before the CNV, the BCRA and ARCA, and structuring accounts and flows to optimize the tax position. The full regulatory picture of the sector is in our Fintech Regulation in Argentina guide.

This note is for informational purposes and does not constitute legal or tax advice. For specific analysis, contact our team at contact@jfcattorneys.com.