Argentina’s Ministry of Justice has approved the registration of the country’s first cryptocurrency-funded company. The company’s capital consists of 0.00457621 bitcoin worth and $194.99 in stablecoin USDC, which is the first such case in this South American country, and the total contribution in cryptocurrency is estimated at $497.49.
As notes CriptoNoticias, this registration became possible after the General Inspectorate of Justice of Argentina (IGJ) issued a decree establishing the procedure for making social contributions in virtual assets and cryptocurrencies. In that order, the IGJ recognized cryptocurrencies as a digital representation of value that “can be commercialized and/or transferred digitally and used for payments or investments.”
Wallets created on local cryptocurrency exchanges Lemon Cash and Ripio were used to register a company with capital in cryptocurrency. These platforms are regulated by the National Securities Commission of Argentina (CNV). An important condition of registration was the possibility of confiscation of assets, which meets the requirements of the general law on companies of Argentina.
The registration procedure involved opening two cryptocurrency wallets: a personal one on the Lemon platform and a corporate one on Ripio. This was followed by a transfer of Bitcoin and USDC. Both platforms have provided some kind of cryptocurrency valuation certificates at the time of registration. The registration process involved an accountant who certified the value of cryptocurrencies and a notary who verified the existence of the account and the transaction itself.
