Colombia: advances in the Chamber of Representatives bill to regulate crypto companies

The House of Representatives of Colombia He approved in the first debate a bill that seeks to regulate cryptoactive services suppliers. The initiative represents a key step for the formalization of the sector.

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• Colombia advances towards the integral regulation of the crypto ecosystem with a new bill in the Chamber.
  
• The industry already moves more than USD $ 21.67 million annually in the country.
  
• The project includes a framework for exchanges, risk prevention and bank alliances.

The House of Representatives of Colombia recently approved in the first debate the Bill 510 of 2024known as “Crypto Law”a legislative initiative that seeks to establish clear rules for virtual asset services suppliers (PSAV). This advance represents a significant milestone for the country’s crypto ecosystem, which has grown accelerated in recent years.

As detailed a report published by the media Value Analitikthe bill was presented by the representative Julián López and Senator Gustavo Moreno, with the objective of providing legal certainty to the companies that operate in the sector, facilitate alliances with the traditional financial system and protect users through standard standards of regulatory compliance.

The elaboration of the proposal was supported by several organizations, including Colombia Fintech, which highlights that the initial approval marks a key step towards sustainable development of the crypto market in Colombia.

Sustained growth of the crypto ecosystem in the country

Colombia has shown remarkable growth in the adoption of cryptocurrencies. According to the index of Global adoption of chainysis cryptocurrenciesin 2024 The country held the 36th position globally and positioned itself as the fifth most active economy in Latin America, with a volume of transactions close to USD $ 21.67 million between October 2023 and September of the following year.

This dynamism has been promoted by the arrival of international exchanges and the development of local platforms such as Lulox and Wenia, that have contributed to consolidate the offer of services linked to cryptoactive for Colombian users.

Despite this growth, the country lacks specific regulations that regulate these activities, which has generated uncertainty for both companies and consumers.

The importance of a specific regulation

Although the PSAV They can legally operate in Colombia, The absence of a regulatory framework has hindered the formation of alliances with financial entities and has limited user tools to identify safe and legally constituted platforms.

The Crypto law It seeks to correct these shortcomings, establishing guidelines for the prevention of money laundering, compliance with internal risk policies, and the implementation of technical and financial standards for exchanges and other entities in the sector.

Gabriel Santos, president of Colombia Fintechhe said that “It is urgent that the country advances in the adoption of an integral regulation that promotes the innovation and safety of crypto users.” According to their vision, both the industry and the regulatory entities have already demonstrated the ability to manage risks, so it is time to focus efforts on taking advantage of opportunities.

In Latin America, several countries have advanced in the creation of Virtual Asset Service Supplier Recordswhich demonstrates a regional tendency towards the regulation and integration of these actors to the formal financial system.

International regulators, such as US stock and securities commission (sec)they have begun to take steps to get closer to this sector and establish much more favorable conditions for their operations. For example, the latter seems to be on their way to approve more cryptocurrency -based investment products, such as stock -listed funds (ETF), of which an important amount expect verdict for these next months.

Back with Colombia, the authorities have taken concrete steps. The Superintendence of Societies and the UIAF They already demand reports and controls from companies in the sector, while the Financial Superintendence of Colombia (SFC) made a pilot with exchanges for operations of cash-in and cash-out.

This pilot concluded in June 2024 and left positive results. As reported Colombia Fintech, Participating platforms implemented consumer, cybersecurity and compliance with money laundering standards (Sarlaft).

The advance of Bill 510 of 2024 in Congress It could make Colombia one of the first countries in Latin America to offer a regulated, transparent and competitive environment for cryptoactive.

Article written by a content editor. Edited by Angel Di Matteo / Diariobitcoin

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.

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