Colombian lawmakers reintroduces bill to regulate crypto with 16 provisions

Two Colombian supervisors have proposed one other invoice that may serve to control crypto. The invoice consists of 16 provisions, together with a Vasp license system for crypto firms.

In accordance with native media -outlet El Colombiano, the invoice needs to arrange a authorized framework that may assure safety for crypto customers and encourage extra investments within the budgeting business of the nation.

The invoice outlines a complete of 16 articles that relate to varied crypto-related points, together with monitoring, advertising guidelines, schooling, crypto tax, in addition to anti-money laundering practices and financing measures for the struggle towards terrorism or AML/CFT.

As well as, the invoice additionally proposes a licensing system for digital licensing system for belongings that crypto firms that wish to function within the area ought to apply. Different nations comparable to Hong Kong, Singapore, Canada and the VAE use Vasp licenses to make sure that they may adhere to native guidelines.

Senator Gustavo Moreno and home consultant Julán López offered the invoice on 2 March to the congress, after they’d failed final yr of their try.

Moreno argued that Colombia urgently must arrange a regulation framework for crypto exchanges and firms because of digital activa firms within the nation, work informally, which generates “uncertainty and dangers for customers”.

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The dearth of rules, Moreno added, doesn’t supply crypto companies the proper safety mechanisms to guard its customers and stop the abuse of crypto belongings.

“Our account tries to find out clear guidelines of the sport to generate a dependable and engaging [crypto] Ecosystem for investments with ensures for this rising business, “mentioned Rep. López.

In accordance with the report, round 5 million Colombian customers have traded cryptocurrency. In 2024 alone, the crypto transaction worth reached $ 6.7 billion within the nation. Nonetheless, the outlet has additionally famous that many customers have additionally fallen sufferer to scams and pyramid schemes, and others profit from the non -regulated crypto ecosystem for cash laundering.

The Colombian monetary superintendent, an important monetary regulator of Colombia, is reportedly working since 2021 on numerous crypto -pilot initiatives. Nonetheless, the initiatives nonetheless have to supply ‘concrete regulatory framework’.

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