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The Colombian Financial Supervisory Authority, the country’s securities and financial watchdog, is working on documents to regulate transactions and operations conducted with the country’s cryptocurrency assets. The organization has announced that it will present a document in the coming weeks that will issue norms for the handling of these assets in the Colombian financial system.
Colombia’s Financial Supervisory Authority to Issue Crypto Norms
Governments in Latam are taking cryptocurrency regulation as a serious issue, as adoption in their countries is beginning to reach appropriate numbers. Financial Superintendence, the organization that deals with the oversight of the Colombian financial system, is preparing a set of norms that will 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, which must be reviewed for its sanction, is already in the hands of the Central Bank of Colombia for its consideration and feedback.
This is not the first time the agency has dealt with cryptocurrencies. The Financial Supervisory Agency is in charge of a pilot test called the “Sandbox,” which allows cryptocurrency exchanges to work with private banks in the country to make it easier for users to purchase crypto with fiat funds.
Regulation Coming
Colombia was not known as a hotbed of crypto not long ago, but the country is slowly leaning toward crypto. This makes it interesting for latam exchanges such as Ripio and Bitso, which have recently expanded their operations into the country. Colombia is also one of the countries with the highest number of crypto ATMs in Latin America, second only to El Salvador, which has deployed many Chivo ATMs to power its national wallet infrastructure.
For this reason, regulators are currently involved in the filing of cryptocurrency legislation to bring order to the industry in the country. This month, a bill that seeks to regulate the behavior of cryptocurrency exchanges in the country was passed in the first debate, and regulators are hailing it as a way to combat common scams and Ponzi schemes. It is not yet known how the new norms relate and how these will work with their regulation.
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