Colombia Prepares Rules for Crypto Transactions

Latin American governments are taking cryptocurrency regulation as a serious matter.

The Financial Superintendence of Colombia, an organization that deals with the oversight of the financial system in the country, is preparing a set of norms that would apply to the use of crypto in the country.

The announcement was made by Jorge Castaño, head of the organization, during an event in Barranquilla.

The document, that must be reviewed for its sanction, is already in the hands of the Central Bank of Colombia for its consideration and feedback.

The Financial Superintendence was responsible for a pilot test called “the sandbox,” which allowed cryptocurrency exchanges to work in tandem with private banks in the country, making it easier for users to purchase crypto with their fiat funds.

Colombia is one of the countries in Latin America ranking high in number of crypto ATMs, only second to El Salvador, which has deployed a number of Chivo ATMs to power its national wallet infrastructure.

This month, the first bill that seeks to regulate the actions of cryptocurrency exchanges in the country was passed in its first discussion, with regulators praising it as a way of fighting scams and Ponzi schemes that are common.

Share: