The Financial Superintendence of Colombia, the country’s financial and stock market control body, is working on a document to regulate transactions and operations carried out with cryptocurrency assets in the country. The agency announced that it will present in the coming weeks the document that will issue rules for the treatment of these assets in the Colombian financial system.
Financial Superintendence of Colombia will issue crypto standards
Latin American governments are now taking cryptocurrency regulation seriously as adoption in their countries is starting to reach relevant numbers. The Financial Superintendence of Colombia, the body that oversees the country’s financial system, is preparing a set of regulations that would apply to the use of cryptocurrencies in the country.
The announcement was made by Jorge Castaño, head of the organization, during a ceremony in Barranquilla. The document, which must be reviewed for its sanction, is already in the hands of the Central Bank of Colombia for its consideration and feedback.
This is not the first time that the institution deals with cryptocurrencies. The Financial Superintendence was in charge of a pilot test called “the sandbox”, which allowed cryptocurrency exchanges to work in conjunction with the country’s private banks, making it easier for users to buy cryptocurrencies with their fiduciary funds.
While Colombia was not known for being a cryptocurrency hotbed not too long ago, the country has been slowly leaning towards cryptocurrencies. This has made it interesting for Latam exchanges like Ripio and Bitso, which have recently expanded their operations into the country. Furthermore, Colombia is one of the countries in Latin America that ranks high in the number of crypto ATMs, second only to El Salvador, which has implemented a series of Chivo ATMs to boost its national wallet infrastructure.
That is why regulators are now involved in introducing a cryptocurrency bill to bring order to the industry in the country. This month the first bill that seeks to regulate the actions of cryptocurrency exchanges in the country was approved in first discussion, being praised by regulators as a way to combat common scams and Ponzi schemes. The relationship of the new rules and how they will work with that regulation is still unknown.
What do you think about the new cryptocurrency regulations that the Colombian Financial Superintendence is preparing? Tell us in the comments section below.
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