Argentina Makes History: First Company Registered with Bitcoin as Capital Contribution
The first company in Argentina has officially been registered with bitcoin and USD Coin (USDC) as part of its capital investment, marking a significant development in the integration of digital assets into traditional corporate structures in South America. The registration process was facilitated by the General Inspection of Justice (IGJ) and was made possible through the efforts of legal firm Allende & Brea.
To register the company, an initial capital of approximately $500 was contributed, with 0.00457621 BTC valued at $302.50 and $194.99 in USDC. These contributions were made through regulated cryptocurrency wallets on Lemon Cash and Ripio, ensuring compliance with CNV Argentina regulations. The total contribution amounted to $497.49 or 470,625 Argentine pesos at the official exchange rate.
The registration process required the involvement of a public accountant to verify the value of the cryptocurrencies and a notary to confirm the existence of the accounts and the legitimacy of the transfer. This ensured adherence to the legal framework and the ability to confiscate the assets if necessary, in accordance with the General Companies Law.
The IGJ’s recent resolution established the procedure for companies wishing to accept social contributions in virtual assets and cryptocurrencies, recognizing them as digital representations of value capable of being traded, transferred digitally, and utilized for payments or investments.
This historic milestone showcases Argentina’s commitment to embracing the potential of digital assets and their integration into mainstream business practices. It sets a precedent for other countries in the region and underscores the growing acceptance of cryptocurrencies as valuable assets within legal and regulatory frameworks.