According to the Central Bank of Chile, virtual currencies have no specific legal recognition in the country and trade and transactions involving cryptocurrency are not subject to the regulation or supervision of the monetary authority.
A draft Fintech bill that would, among other things, regulate digital assets and cryptocurrency, was submitted to the Ministry of Finance on November 11, 2020, and is expected to be presented to the legislature this year.
II. Tax Treatment of Cryptocurrency Mining
The Internal Revenue Service (SII) issued a ruling on whether cryptocurrencies are subject to the value added tax (VAT) and income tax. Under the ruling, Bitcoin and other cryptocurrencies are considered digital or virtual assets, and since they do not have “corporeality,” their sale is not subject to VAT. Income derived from the purchase and sale of cryptocurrencies is, however, subject to income tax.
There is no regulation on cryptocurrency mining in Chile. The draft Fintech bill includes a section on mining and digital assets.
Although mining is not prohibited, there seems to be not much interest for it in Chile, mainly because of the high cost of electricity it requires.
No reference to the regulation or taxation of staking in Chile has been found.
Prepared by Graciela Rodriguez-Ferrand
Senior Foreign Legal Specialist
 Claudia Ramírez, El Avance de las Monedas Virtuales en Chile: Cuatro Empresas Transan Más de US$ 7 Millones Mensuales y Suman Casi 20 Mil Clientes, Economía y Negocios (July 2, 2017), https://perma.cc/VGM6-725C.
Last Updated: 02/05/2021