Argentina’s government will offer a flexible tax rate and legitimize the usage of cryptocurrency assets within the country, irrespective of location or origin.

President of Argentina Javier Milei proposed the bill as part of a broader set of economic and political reforms. The crypto community has responded positively to Milei’s election in November, given his endorsement of Bitcoin (BTC) during his campaign. However, the bill, which includes numerous reforms, has quickly sparked controversy and protests since its introduction on Tuesday.

Under the proposed framework, cryptocurrencies and various assets, from liquid cash to real estate, fall under a new regularization plan. This plan offers incentives for early disclosure of such assets. Specifically, Argentinians declaring their cryptocurrency assets by March 31 will benefit from a low tax rate of 5%. This rate, however, will escalate up to 15% by Nov. 30.

This move comes after the Argentine government’s earlier decision to recognize Bitcoin for contractual agreements. Diana Modino, Argentina’s Minister of Foreign Relations and International Commerce, announced this month that Bitcoin and other digital currencies are now considered valid for legal contracts nationwide.