The document produced by the Financial Superintendence of Colombia includes the learnings and agreements reached during the pilot conducted with exchanges in the regulatory sandbox. It will be published in a couple of weeks once feedback is received from the Bank of the Republic.
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- Financial Superintendence will present first draft with guidelines for cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. trading.
- The draft awaits feedback from the Bank of the Republic.
- Regulators and legislators are moving forward on other legal fronts.
- The document is expected to be published in the next two weeks.
After more than a year of testing with crypto exchanges and banks, the Financial Superintendence of Colombia will finally publish in the next two weeks its first draft where it will offer some first guidelines for the regulations applicable to transactions and operations with digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies in the country.
Financial Superintendence will publish first draft on cryptocurrency trading
This was reported by the financial superintendent of Colombia, Jorge Castaño, who during a forum held in the city of Barranquilla reported on the progress made by the agency and on the preparation of a first draft with which they would establish rules for the negotiation of cryptocurrencies in Colombia.
In this regard, Castaño indicated that this first draft reflects some of the progress made by the Financial Superintendence during the year-long work that extended the pilot test in its regulatory sandbox, better known as the LaArenera, in which participated several local and international crypto exchanges interested in operating in Colombian territory, this hand in hand with some banks that offer their services in the South American nation.
About the pilot developed by the Financial Superintendence
Among the banks and exchanges participating in the pilot conducted by the Superintendency of Finance are the following entities:
- Bancolombia – Gemini
- Banco de Bogota – Bitso
- Banco de Bogota – Buda
- Bancolombia – Gemini
- Coltefinanciera – Obsidiam
- Davivienda – Binance
- Powwi – Binance
- Coink – Banexcoin
- Movii – Panda
- Movii – Bitpoint
During the process, representatives of Binance y Gemini indicated that they were conducting tests with their respective banking partners, whereby certain banking products would be used as a channel to facilitate commercial transactions between customers and exchanges.
- Binance and Davivienda to launch pilot program for digital currency currency is a medium of exchange that defines value. trading in Colombia
- Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Gemini and Bancolombia will start pilot program for the purchase – sale of cryptocurrencies in Colombia
Both exchanges reported at the time that the tests were conducted with a select group of customers, and that they were structured in phases, so that as progress was made, the possibility would be opened for more people to test these channels.
As for the draft, although Castaño did not offer many details, what he did indicate is that it has already been sent to the Bank of the Republic to review it and present their considerations. Therefore, they are currently awaiting the corresponding feedback to make the corrections that apply, and thus publish so that interested parties have all the information.
Regulatory developments in Colombia
While many analysts and critics at the time indicated that the efforts of the Financial Superintendency were not progressing at the expected speed, the announcement of this new draft comes at a time when several agencies have taken important steps in regulatory matters for cryptocurrency operations.
Recently, the Colombian Congress approved in its first debate the bill presented by Congressman Mauricio Toro, which presents a first approach to regulate the operations of crypto exchanges within the country. Among the most important considerations is the creation of a single registry for trading platforms operating in Colombia, the creation of educational programs aimed at the general population, and the collaboration of banks to allow the purchase / sale with Colombian pesos.
On the other hand, there is the resolution announced by the Information and Financial Analysis Unit of Colombia (UIAF), which adopted a slightly more restrictive approach and will implement a reporting system that merchants will have to submit when transactions exceed the limits of USD $150 for individual purchases and/or USD $450 for groups of transactions. The measure was postponed until July 1, so it remains to be seen whether the agency will revise the criteria based on discussions and conversations with other entities.
For now it remains to wait and see if all these efforts achieve some point of articulation, this in order that the provisions in each of the initiatives do not enter into contradiction with those raised by other agencies. There is also the concern of whether these measures will be open enough to allow innovation, but with the precision required to close refers to the closing price; similar to the same term used in stock trading. the way to bad actors who seek to profit illegally.
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Source: Portafolio , Archive
Version by Angel Di Matteo / DiarioBitcoin
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