According to La Derecha Diario, an Argentine law firm has set a precedent in Latin America by registering a company with capital made up of cryptocurrencies.
The crypto assets were transferred directly between the company’s digital wallets and one of its partners to form a portion of the share capital. Specifically, one partner contributed 0.00457621 bitcoins (BTC) and 195 USDC (a stablecoin) to the initial capital. These cryptocurrencies were transferred from the partner’s personal virtual wallet (Lemon Cash) to the company’s wallet (Ripio), registered as “sociedad en formación” (union).
Unlike stocks, which have market hours, the valuation of crypto assets is available in real-time. During this process, the legal team had contacted both platforms (Lemon Cash and Ripio) and obtained a kind of “valuation certificates” of the cryptocurrencies at the time of contribution. The use of custodian wallets is explained by the fact that the assets shall be seizable in accordance with the General Law of Companies.
To ensure transparency and compliance with legal requirements, an accountant and a notary were involved. The accountant certified the value of the cryptocurrencies at the time of transfer, based on data from the Ripio website, while the notary verified the existence of the account and the transfer itself.
Upon hearing the news, the Minister of Justice, Mariano Cúneo Libarona, commented on X, “Advances like this would be impossible without the deregulation work carried out by the Ministry of Justice in conjunction with the General Inspectorate of Justice. We are aiming for much more.”
This news represents another step towards recognising cryptocurrencies as full-fledged assets (or even means of payment). At Cardinals, we specialise in digital assets and cryptocurrencies. If you are planning to expand your crypto business into new markets, we can provide expert guidance and support to help you navigate the regulatory requirements and successfully enter this promising market.
