2 years ago
The Financial Superintendence of Colombia presented a task that seeks to bring clarity to however links betwixt banks and virtual plus work providers (VASPs) volition beryllium handled successful the future. The papers defines definite cardinal concepts and determines a acceptable of prerequisites that banks request to verify earlier accepting virtual plus work providers arsenic customers.
Virtual Asset Service Providers to Be Regulated successful Colombia
Regulation is becoming a cardinal extremity for countries successful Latam, wherever cryptocurrency adoption is increasing astatine important rates. Now, the Financial Superintendence of Colombia has presented a papers that seeks to found norms regarding the requirements cryptocurrency exchanges and custody providers indispensable conscionable to beryllium serviced arsenic customers by banks. The task defines cardinal concepts specified arsenic virtual plus work providers (VASPs), and virtual assets successful the scope of the regulation.
In the aforesaid way, it establishes that virtual plus work providers volition person to beryllium connected to the UIAF, the fiscal quality bureau of Colombia, and person a program of enactment to woody with wealth laundering and coercion financing attempts that mightiness perchance beryllium made utilizing their platform.
The task besides makes an indirect notation to compliance with the question regularisation promoted by the Financial Action Task Force (FATF). It states banks indispensable verify these VASPs have:
The technological and operational capableness to show transactions with virtual assets, arsenic good arsenic to obtain, sphere and transmit the accusation of the originator and the beneficiary of each transaction.
More Requirements
The connection establishes that the VASPs volition person to beryllium capable to contiguous wide accusation to their customers astir the services they connection and the risks associated with these services, the costs associated with these services, and the virtual assets contiguous connected their platforms.
VASPs volition besides person a program to woody with operational and cybersecurity-related risks to grip imaginable hacks oregon level problems that mightiness impact however their services are delivered to their customers. Also, banks volition person the work to abstracted their responsibilities from those of VASPs, telling customers that lone they and these platforms are liable for VASP-related problems.
The connection besides establishes restrictions regarding investments. It states:
The supervised entities authorized to seizure resources done deposit products oregon funds indispensable guarantee that the operations of deposit and withdrawal of resources successful fiscal products of deposit oregon funds successful the sanction of a VASP are carried retired lone done non-face-to-face channels.
The connection is inactive successful the treatment stages, and the Financial Superintendence volition person suggestions astir it until August 12.
What bash you deliberation astir the VASP regularisation connection successful Colombia? Tell america successful the comments conception below.
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