Colombian Financial Superintendence Prepares Norms for Crypto Transactions

Colombian Financial Superintendence Prepares Norms for Crypto Transactions

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The Colombian Financial Superintendence, the securities and monetary watchdog of the nation, is engaged on a doc to control the transactions and operations made utilizing cryptocurrency property within the nation. The group introduced that it’ll current the doc within the coming weeks, which is able to subject norms for the remedy of those property within the Colombian monetary system.

Colombian Financial Superintendence to Issue Crypto Norms

Latam governments at the moment are taking cryptocurrency regulation as a severe matter, as adoption of their international locations is beginning to attain related numbers. The Financial Superintendence of Colombia, a company that offers with the oversight of the monetary system within the nation, is preparing a set of norms that might apply to using crypto within the nation.

The announcement was made by Jorge Castaño, head of the group, throughout an occasion in Barranquilla. The doc, that should be reviewed for its sanction, is already within the arms of the Central Bank of Colombia for its consideration and suggestions.

This is just not the primary time that the establishment has handled cryptocurrencies. The Financial Superintendence was answerable for a pilot take a look at referred to as “the sandbox,” which allowed cryptocurrency exchanges to work in tandem with personal banks within the nation, making it simpler for customers to buy crypto with their fiat funds.


Regulation Coming

While Colombia was not identified for being a crypto hotbed not so way back, the nation has been slowly leaning into crypto. This has made it fascinating for Latam exchanges like Ripio and Bitso, which have lately expanded their operations to the nation. Also, Colombia is among the international locations in Latin America rating excessive in variety of crypto ATMs, solely second to El Salvador, which has deployed various Chivo ATMs to energy its nationwide pockets infrastructure.

This is why regulators at the moment are concerned in bringing a cryptocurrency invoice to carry order to the trade within the nation. This month, the primary invoice that seeks to control the actions of cryptocurrency exchanges within the nation was passed in its first dialogue, with regulators praising it as a method of preventing scams and Ponzi schemes which are frequent. The relation of the brand new norms and the way these will work with that regulation continues to be not identified.

What do you consider the brand new cryptocurrency norms being ready by the Colombian Financial Superintendence? Tell us within the feedback part beneath.

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