Colombia is moving towards legislation that will regulate the operation of crypto assets. As announced by the financial superintendent, Jorge Castaño, in just over a week the draft of an external circular will be ready that will establish the regulations under which transactions and operations with crypto assets can be carried out in the country. In a recent forum held in Barranquilla, and according to ValoraAnalitik, Castaño pointed out that said draft is already in the hands of the Banco de la República.
The project is the next step that the Financial Superintendence plans to take, after having given the green light to the implementation of laArenera: a one-year pilot test, which makes it possible for Colombians to carry out legal withdrawal operations crypto assets on digital platforms such as Binance, Bitso, Gemini or Buda.com.
According to the entity, financial activities and those related to the management, use and investment of deposit resources can only be carried out by means of authorization from the State, as long as they comply with the rules defined by the legislature.
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And it is that although the Directorate of National Taxes and Customs (DIAN) has already issued statements announcing that those who carry out operations with cryptocurrencies will soon have to report the income that comes from these operations, such a situation could not occur until it is resolved. what is the place of cryptocurrencies within the financial system, since, at present, they are not considered a currency, nor do they count as money for legal purposes.
For this reason, in addition to the draft that the SuperFinanciera advanced, some representatives such as Miguel Toro, seek to accelerate the regulations with which, from the Congress of the Republic, it is intended to legalize and regulate crypto assets in Colombia. The idea, which was discussed in plenary on June 7, rests on a text of Bill 139 of 2021.
A modern, clear regulation is necessary to create opportunities in employment, entrepreneurship and protect crypto users
The regulation of #CryptoPlatforms It gives guarantees and security to all the players in the cryptoactive market.
My speech: https://t.co/UGcgEd29Sr pic.twitter.com/p4bADxqhaX
– Mauricio Toro (@MauroToroO) June 7, 2022
According to the intervention of the financial superintendent, Castaño, the draft that his entity presented defines the operational, knowledge of the client and security standards that will be applied for transactions that involve the use of cryptocurrencies. According to the official, the institution’s proposal contemplates allowing financial entities in Colombia to develop operations with exchange service providers for this type of asset.