WCO Analyzes Operations Agreed in Cryptocurrencies

The World Customs Organization (WCO) analyzed how customs valuation is to be determined on imports where payment is agreed in cryptocurrencies without legal tender in the importing country.

The WCO referred to digital assets, defined as representations of value or rights that may be used to settle payment obligations, whether they are secured through cryptographic means or not. Within this framework, cryptocurrencies are characterized as a category of crypto‑assets developed to function as a means of payment outside central banking systems.

The matter is examined considering article 9 of the Valuation Agreement, which establishes that the value of imported goods must be expressed in the currency of the importing country or be able to be converted into that currency. This requirement is essential to set the price actually paid or payable required under the transaction value method for customs valuation.

In this respect, the WCO observes that if the importing country does not recognize cryptocurrencies as legal tender, the amount agreed does not comply with the requirement of convertibility. As a result, the transaction value method cannot be applied.

Consequently, where the transaction value is not acceptable, customs valuation must be determined by applying the subsequent valuation methods in the Agreement. However, the WCO clarifies that, if payment is in fact made in a recognized legal tender currency, the transaction value method under article 1 of the Agreement may be applied, notwithstanding that the commercial arrangements refer to settlement in cryptocurrencies.