Crypto Users and Exchanges Must Now Report Transactions in Colombia

The Colombian authorities has issued caller regulations that unit exchanges and individuals to study cryptocurrency transactions to the UIAF, the anti-money laundering watchdog successful Colombia. The transactions indispensable beryllium reported via an online reporting system, and exchanges volition beryllium required to contented periodic reports of suspicious transactions made by users.

Colombia Tightens AML Controls

New regulations that nonstop users and exchanges to study cryptocurrency transactions implicit a definite magnitude person been approved successful Colombia. Resolution 314 establishes that cryptocurrency transactions implicit $150, oregon cryptocurrency transactions made with aggregate tokens whose worth goes implicit $450, volition person to beryllium reported to the UIAF, the anti-money laundering watchdog successful Colombia.

This caller regulation, which volition instrumentality effect connected April 1st, seeks to bring astir greater power implicit what is happening with cryptocurrency assets successful the state and halt imaginable wealth laundering and coercion financing activities that could beryllium leveraging these assets to spell unnoticed. Regarding this, the solution states:

Virtual assets person created a concern that merits the involution of the UIAF, to the grade that, though they are operations that successful Colombia are not amerciable by themselves, they tin lend themselves to illicit activities, owed to the anonymity oregon pseudonymity successful the transactions utilizing them.

Exchanges volition besides person to contented a study of suspicious transactions that would present the UIAF a elaborate database of operations considered unusual, and the users that effected them.

Penalties and Regulatory Advancements

The instrumentality besides establishes penalties for exchanges and radical that neglect to comply with these directives. If wealth laundering is detected successful these activities, noncompliant users volition person to wage betwixt 100 and 400 minimum monthly wages, with different fines deriving from these crimes.

Resolution 314 states that successful 2019, the bitcoin nationalist marketplace registered transactions for $124 million, astir 1.7 times the magnitude registered successful 2018. This maturation caused interest successful the authorities astir the usage of these assets for amerciable purposes owed to the newfound liquidity successful these markets.

However, the crypto oversight of the institutions successful Colombia has besides reached the taxation environment. The DIAN, which is the taxation regulator of the country, announced precocious it was taking measures to observe taxation evasion regarding the usage of cryptocurrencies for trading oregon transacting.

What bash you deliberation astir the caller requirements crypto users and exchanges look successful Colombia? Tell america successful the comments conception below.

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