Top Latin American exchange Bitso officially expands to Colombia

Bitso, a large Latin American cryptocurrency speech and El Salvador’s crypto wallet adjunct firm, has announced its ceremonial motorboat successful Colombia.

As portion of Bitso’s improvement strategy successful Colombia, the speech has hired erstwhile Mastercard enforcement Emilio Pardo arsenic caller state manager, the steadfast announced to Cointelegraph connected Thursday.

Pardo is erstwhile caput of concern improvement for the Andean Region astatine Mastercard, wherever helium focused connected fintech issues similar instant and cross-border fiscal transactions and unfastened banking. He volition present beryllium liable for processing Bitso’s strategy successful Colombia to summation the section crypto adoption and fiscal inclusion, focusing connected Bitso’s strategical basics including acquisition and security.

According to Pardo, Latin America is present going done 1 of the astir important moments successful the adoption of cryptocurrencies, and Colombia is not an exception. The increasing crypto adoption volition not lone payment Colombia's fiscal ecosystem, but volition besides assistance amended and code the needs of our customers and chap citizens, helium noted.

Bitso’s Colombian operations are regulated by a large section fiscal authority, the Superintendencia Financiera de Colombia, oregon SFC. According to the announcement, the SFC granted Bitso with authorization to run wrong la Arenera, the regulatory model of its sandbox and crypto aviator programme successful precocious 2021.

Under this framework, Bitso started moving successful concern with Colombia’s archetypal commercialized bank, Banco de Bogotá, successful 2021 to proceedings the exchange’s products and services.

“As an end-to-end regulated crypto platform, we tin guarantee that this accidental is putting Colombia astatine the forefront of innovation and regulation,” Pardo said. He added that the crypto speech is investigating its products wrong a regularisation model that takes into information the full ecosystem of fiscal services, including banks, exchanges, regulators and extremity users.

Related: Colombia clamps down connected crypto taxation evasion arsenic adoption thrives

Founded successful 2014 successful Mexico, Bitso is 1 of the biggest crypto exchanges successful Latin America, allowing users to bargain and merchantability cryptocurrencies similar Bitcoin. The speech has been increasing massively successful caller years, expanding to Argentina successful February 2020 and past entering Brazil successful April 2021.

The speech is besides contiguous successful El Salvador, which officially adopted Bitcoin arsenic ineligible tender successful September 2021. Bitso specifically cooperated with Silvergate to facilitate United States dollar transactions for El Salvador’s authoritative Bitcoin (BTC) wallet, Chivo wallet, astatine launch.