Two Colombian regulators have proposed a new bill to regulate cryptocurrencies in the country.
Key Provisions of the Bill
The bill consists of 16 articles addressing various aspects of the crypto industry, including monitoring, marketing rules, crypto tax, and anti-money laundering and counter-terrorism financing (AML/CFT) measures. Additionally, it proposes a virtual asset service providers (VASP) licensing system, which companies wishing to operate in the region would have to adhere to.
Reasons for Regulation Necessity
Senator Gustavo Moreno and House Representative Julián López submitted the bill to Congress, highlighting the need for formal regulation. According to Moreno, the lack of regulation creates uncertainty and risks for users. López stated that the bill aims to establish clear rules for a reliable and more attractive investment ecosystem.
Context and Current Situation
According to local reports, crypto transactions in Colombia reached $6.7 billion in 2024. However, the absence of regulation has led to increased instances of scams and money laundering through cryptocurrencies. Despite efforts from the Colombian Financial Superintendent, a concrete regulatory framework has yet to be established.
The proposed bill aims to create a legal framework that ensures user protection and supports the growth of the crypto industry in Colombia.
