Chile’s tax authority has clarified the tax treatment of stablecoins used for cross-border service payments, confirming that they are not legal currency and setting rules for payment-in-kind treatment, tax cost, VAT, inflation adjustments and annual reporting obligations.
The Chilean tax authority (SII) announced it published Letter Ruling No. 1982 on 10 August 2026, addressing the use of stablecoins as consideration for cross-border services.
Letter Ruling No. 1982 establishes the tax treatment for transactions carried out using stablecoins (SBL). The ruling confirms that stablecoins are not considered legal currency under Chilean law, even when pegged to a recognised currency such as the US dollar.
According to the ruling, when a Chilean service provider receives stablecoins instead of the monetary payment originally agreed under a service contract, the transaction is treated based on the nature and value of the consideration received rather than as payment in legal currency.
The main measures are as follows:
Legal nature of stablecoins in Chile
Under Chilean tax law, cryptoassets (including stablecoins pegged to the US dollar) are not considered legal tender, foreign currency, or divisas. Recent legislative changes to Article 39 of Ley No. 18.840 (introduced by the Fintech Law, Ley No. 21.521) do not change this classification unless a formal, explicit ruling is issued by the Central Bank of Chile or another competent authority.
SBL payments as payment in kind (dación en pago), tax cost
- Payment in kind (dación en pago): If a Chilean company (such as AAA) agrees to receive stablecoins as payment for services instead of the originally agreed currency, the transaction is legally classified as a dación en pago (the fulfilment of an obligation with an object different from what was originally owed).
- Acquisition value: The acquisition value of the SBL for the Chilean service provider is equal to the agreed-upon price of the services.
- Historical tax cost: This acquisition value constitutes the SBL’s historical tax cost, which will be used to calculate taxable gain or loss in any future sale or transfer of the stablecoins. For the foreign counterparty, delivering the SBL is treated as a disposition of an asset.
Documentation and VAT treatment
Taxpayers can use any legal means of proof under Article 21 of the Tax Code to substantiate transactions with foreign clients. To document services rendered to non-domiciled or non-resident clients, the company must issue a regular invoice or receipt depending on the client’s VAT status.
If the services qualify for the export VAT exemption under Article 12, Letra E, No 16 of the VAT Law, the company must issue an export invoice. This exemption requires the service to be officially qualified as an export by the National Customs Service.
Inflation adjustment
Stablecoins are classified as monetary assets because they lack automatic inflation-adjustment mechanisms. While stablecoin balances at 31 December are not directly adjusted for inflation, their loss of purchasing power is recognised indirectly through the annual adjustment of the Initial Tax Equity when calculating taxable income under Article 41 No. 1 of Chile’s Income Tax Law.
Annual information reporting
Under Exempt Resolutions No. 113 and No. 114 of 2025, taxpayers involved with digital assets must submit annual information returns starting in Tax Year 2026:
- DDJJ No. 1963: Applicable to taxpayers with foreign tax residency, requiring the identification of non-resident users and the reporting of specific digital asset transactions.
- DDJJ No. 1964: Applicable to Chilean tax residents. This return requires reporting the resident’s identity, any controlling persons, the digital wallet addresses, and transactions involving purchases, sales, exchanges, transfers, or payments for physical goods and services using cryptoassets.
