Colombian Financial Superintendence Prepares Norms for Crypto Transactions
The Colombian Financial Superintendence, the securities and financial watchdog of the country, is working on a document to regulate the transactions and operations made using cryptocurrency assets in the country. The organization announced that it will present the document in the coming weeks, which will issue norms for the treatment of these assets in the Colombian financial system. Colombian Financial Superintendence to Issue Crypto Norms Latam governments are now taking cryptocurrency regulation as a serious matter, as adoption in their countries is starting to reach relevant....
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In Colombia, the entity managed by the Ministry of Finance and Public Credit, the Financial Superintendence of Colombia (Superfinanciera) has revealed the authorization of alliances between Colombian banks and digital currency exchanges. So far, Colombia’s financial department has approved nine partnerships between exchanges and national banks in order to make cryptocurrency operations more accessible to citizens. Colombia’s Financial Superintendent Wants to Spread Crypto Accessibility The Republic of Colombia in South America has been friendly toward crypto assets like bitcoin....
Colombia takes another important step towards regulating the nation’s crypto sphere. The government of Colombia has approved on September 22 a pilot program that calls companies to test crypto transactions until December 31 within the regulatory sandbox just passed by the country’s financial watchdog.During a panel titled “Overview of the Regulation of Crypto Assets in Colombia,” Jorge Castaño, head of Colombia’s Financial Superintendence (SFC), revealed that companies wishing to trial crypto transactions should apply by the end of the year, as the pilot will run in 2021.The new regulatory....
He went so far as to call for the preconceptions surrounding crypto to be demystified. Mauricio Toro, Colombian congressman of the Alianza Verde party, has authored a draft bill meant to regulate the crypto industry within his country. During a recent interview with Confidential Colombia, Toro outlined some of the hurdles his proposed legislation may face.Toro, who believes Colombia is lagging behind other nations in terms of crypto regulation, said that one of the main challenges is to make certain that the crypto industry is compliant with AML procedures. His hope is that this will....
The Financial Superintendence of Colombia presented a project that seeks to bring clarity to how links between banks and virtual asset service providers (VASPs) will be handled in the future. The document defines certain key concepts and determines a set of prerequisites that banks need to verify before accepting virtual asset service providers as customers.
Virtual Asset Service Providers to Be Regulated in Colombia
Regulation is becoming a key goal for countries in Latam, where cryptocurrency adoption is growing at significant rates. Now, the Financial Superintendence of....
This is a translation of the statement made by the Financial Superintendence of Colombia, translation provided by our Spanish Editor Adrián Calvo. His Spanish language article on the subject can be found here. Make sure to check out our Spanish coverage of Bitcoin news and other Cryptocoins news at Noticias Sobre Bitcoin. The key point in this Bitcoin warning is in the last few sentences: Finally, this Superintendency notes that supervised entities are not authorized to guard, invest or mediate with virtual currencies. Additionally, people are responsible to know and accept the risks....