Colombia is getting closer to having a regulation that regulates the market of the so-called cryptocurrencies or cryptoactives. And although there are few countries in the world that have clear rules regarding this payment and investment mechanism, it is clear that many countries are advancing in project discussions on this matter, something that has become relevant over the years. On Tuesday of this week, the bill to regulate cryptocurrencies in Colombia (Law 139 of 2021) passed its third debate in Commission VI of the Senate, thus being closer to being converted into a law.
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With this ongoing initiative, Colombia joins nearly 10 countries in the region and more than 100 in the world that are already exploring the feasibility of having a regulated and monitored crypto market, including Brazil, Mexico, Panama and Chili. In fact, Brazil already has established rules, as it has chosen legislative standards to encourage the growth of financial services through crypto.
Gustavo Moreno, Senator of the Green Alliance Centro Esperanza Coa
As recalled, since September 7, 2021 El Salvador became the first country in the world to legalize Bitcoin as legal tender, And although some nations allow transactions with these new digital currencies to be carried out, they still do not have a specific regulation in this regard that the rules give everything.
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In Colombia, the project that is advancing in Congress seeks to establish a regulation for virtual asset service providers (PSAV), propose a clear legal framework and reiterate the protection of consumers for the use of cryptocurrencies.
“This is a historic step on the right path to enable a legal framework that protects both users and the industry of the crypto-asset ecosystem,” ssaid Gabriel Santos, President of Colombia Fintech, who used that the Legislature with this project side with the citizens, their savings and their financial independence.
And it is that among the aspects that seek to define the crypto initiative in Colombia is protect consumer rights and provide them with guarantees that allow them to access alternative uses of cryptocurrencies, either as an investment or to carry out transactions, in an informed manner.
It also aims to provide legal certainty to certain actors outside the crypto industry, presenting clear rules of the game that promote financial stability. thus The initiative includes mechanisms for the prevention of money laundering and financing of terrorism, as well as guidelines and requirements regarding cybersecurity. and computer security.
Another no less important aspect has to do with the creation of a single registry, which will allow the identification and validation of those platforms that meet the requirements established by the Colombian supervision entity, which will guarantee that citizens can access cryptocurrency services and platforms. in an informed and safe way.
José Daniel López, director of Alianza In, points out that the progress of the project in the third debate “It means that we are one step away from Congress closing a gap between the reality of the digital economy and the Colombian legal framework.”
He adds that the initiative draws a line that distinguishes the legal crypto-asset exchange industry, compared to criminal forms of recruitment, fraud and money laundering, misusing the name of the industry.”
For his part, Alejandro Beltrán, manager of Buda.com in Colombia, points out that the project is a crucial step to move from the philosophy of Bitcoin to its pragmatic use. It seeks to promote financial inclusion and establish a solid legal framework that provides security and protection to consumers as well as to all players in the crypto industry.
Progress in the region
A report by Seguros Sura indicates that in 2018 the Government of Mexico sanctioned the Fintech Law to regulate financial technology institutions, which obliges the Central Bank of that country to issue the corresponding regulation regarding cryptocurrencies and the financial system.
In Chile, for its part, it had a Bitcoin Law project, whose purpose was to create an environment that protects all the actors that come into play: from owners and financial intermediaries to investors. This project contemplates that the Central Bank of the country would be the institution in which the responsibility of regulating falls.
The same report indicates that in 2018 Venezuela sanctioned the Constituent Decree of Cryptoassets for its regulation, starting early on the path of the regulatory framework of the new asset. Also, this country was the first state to create a cryptocurrency – the Petro token.
