Cryptocurrency and Alternative Finance in Chile

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Cryptocurrency is legal in Chile and the regulatory framework is relatively clear compared to other Latin American countries. That said, this is still an evolving space. Here is what matters for expats.

Legal status

Buying, selling, and holding cryptocurrency is legal in Chile. The Central Bank and the CMF (Comisión para el Mercado Financiero) treat crypto as a digital asset, not a currency. There is no specific cryptocurrency law yet, but the Fintech Law (Ley 21.521, enacted in 2023) established a regulatory framework for fintech companies, including some crypto-related services.

In practice: you can use crypto freely, but banks are not required to service crypto companies or individuals with significant crypto activity. If your bank asks questions about crypto-related transfers, answer them — refusing to comply with KYC requests is the fastest way to get your account closed.

Taxes

Capital gains from cryptocurrency trading are taxable under Chilean income tax rules. If you are a Chilean tax resident, crypto gains are added to your regular income and taxed at progressive rates up to 40%.

For mining and staking: these are treated as business income and must be declared. If you mine regularly, you should register as a business activity.

Keep records of every transaction — purchase price, sale price, dates, fees. The SII (tax authority) has been increasing scrutiny of crypto transactions, and you will need documentation if asked.

Exchanges

Buda.com is Chile's most established crypto exchange. It supports CLP deposits via bank transfer, which makes it the most practical for buying crypto with Chilean pesos. They are fully compliant with local regulations and have a straightforward interface.

CryptoMarket is another Chilean exchange, also operational and regulated.

Binance and Kraken are accessible from Chile. They offer more trading pairs and features, but depositing CLP can be less direct — you may need to use P2P or intermediary services.

For peer-to-peer trading, platforms exist but carry higher counterparty risk. Stick with established exchanges unless you know what you are doing.

Fintech and digital wallets

Chile's fintech scene has grown rapidly. A few services worth knowing about:

Tenpo is a digital wallet and prepaid card that works as a lightweight bank alternative. No income requirements, easy to set up with a Chilean RUT. Useful for online payments and transfers.

Mach (by BCI) is similar — a digital wallet linked to a virtual prepaid card. Popular among younger Chileans.

Khipu is a payment platform that simplifies bank transfers for online purchases. We cover it in our online payments guide.

For international transfers, Wise and Currencybird are covered in our money transfers guide. They are generally more practical than using crypto for moving money in and out of Chile.

Frequently Asked Questions about Cryptocurrency and Alternative Finance

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