Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges

The Congress of Colombia has approved a measure that regulates the behaviour of cryptocurrency exchanges successful the state successful its archetypal discussion, taking the archetypal steps to bring clarity to this issue. One of the creators of the bill, Mauricio Toro, a typical of the Green Party, stated that this measure is needed to support users from Ponzi schemes, giving them information successful the crypto world.

Colombia Gets connected the Crypto Regulation Road

More and much countries successful Latam are realizing the maturation and power crypto and crypto-related businesses are seeing successful their territories. Colombia is 1 of them, and this is moving the authorities to accelerate the regularisation of cryptocurrency exchanges to clarify the responsibilities and duties of these companies.

In this sense, the Colombian Congress has taken steps successful this absorption by approving a measure that seeks to springiness much clarity and information to the cognition of crypto exchanges successful the country. One of the proponents of the bill, typical Mauricio Toro of the Green Party, gave his sentiment astir this improvement connected societal media. According to Toro:

Colombia has to determination guardant successful regulating this business, which is ineligible and multi-million dollar, truthful that jobs and opportunities are created, but besides truthful that it provides bid of caput to Colombians who tin bargain their assets safely.

Furthermore, Toro stated that this measure is besides directed to safeguard users and customers of these platforms from falling into Ponzi schemes.

A Long Way Ahead

While Toro was precise optimistic astir the interaction this measure mightiness have, the task is inactive successful its aboriginal stages and volition request to beryllium discussed 3 much times to beryllium approved and presented arsenic law. This mightiness instrumentality much clip than usual, owed to the governmental circumstances that Colombia is facing today, successful the mediate of its predetermination cycle, with its 2nd predetermination circular coming soon.

If approved successful its contiguous state, cryptocurrency exchanges successful Colombia volition person to registry to connection their services, disclosing the benefits, risks, and imaginable profits of crypto trading to their users. Also, banks volition let the transportation betwixt cryptocurrency exchanges and accounts successful fiat currency directly, helping to debar the improvement of Ponzi schemes and different pyramid scams.

Other institutions successful Colombia are besides moving to modulate and power customer-exchange interactions. In April, the money-laundering watchdog, the UIAF, announced that users would person to study their cryptocurrency movements to the enactment via an online system. However, the enactment backpedaled aboriginal and postponed the authorisation of the mentioned resolution.

What bash you deliberation astir the caller crypto measure approved successful Colombia? Tell america successful the comments conception below.