The bill presented by Congressman Mauricio Toro was unanimously approved in its first debate. There is still a long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. way to go for the proposal to become law, but it is a big step forward in terms of legislation on crypto exchanges in Colombia.
- Aprobado en primer debate Proyecto de Ley para regular a exchanges en Colombia.
- There are still three more debates to go, but Congressman Toro considers this a great achievement.
- It seeks to legitimize the operations of exchanges in the country.
El Congress of the Republic in Colombia The South American country, one of the main legislative bodies of the South American country, approved the first debate of the Bill to regulate crypto platforms and exchanges at the local level.
Bill to regulate crypto exchanges in Colombia is approved in first debate
The information was published by the congressman responsible for the bill and representative for the Green Party, Mauricio Toro, who shared the news with his followers through his official Twitter account.
In this regard, Toro commented:
Colombia is one of the countries that trades more cryptos, but the Exchanges can’t work due to lack of regulation. Let’s move forward!!!! pic.twitter.com/QuVVrdrFjR
– Mauricio Toro (@MauroToroO) June 7, 2022
In addition to what was stated in the tweet, Toro added:
“Today we have very good news and it has just been approved in the first of four debates the Bill for the Regulation of Cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Houses… Today Colombia has to move forward in regulating this business that is legal and is millionaire, to create jobs, opportunities, but also tranquility so that all Colombians can buy and sell their assets in a safe way…. We will continue working for this to become a law, and thus prevent people from falling into pyramids that can scam a scheme that is designed to dupe people out of cash or crypto. them, but enable a business that has grown in the world and that Colombia has been promoting”.
It should be noted that the draft in question was prepared in response to the comments and considerations presented by various regulatory entities, including, most notably, the Banco de la República, Superintendencia Financiera, Superintendencia de Sociedades, Ministerio de las TIC, Ministerio de Comercio, Ministerio de Hacienda. and other agencies, considering in turn the position of crypto exchanges operating in Colombian territory.
Among the considerations raised in the Bill, Congressman Toro highlighted the following as important points:
- It seeks the creation of a single registry of crypto exchange platforms in the country.
- Users will receive important information to learn about the risks, benefits and profits of crypto trading.
- Banks must allow the connection between virtual wallets and bank accounts in Colombian pesos.
- This will prevent pyramids and scams that use cryptocurrencies to capture victims.
There is still a way to go
Although the Bill presented by Congressman Toro was approved unanimously in the first debate, it must still continue with the due course and attend three more debates before becoming law, so it is expected that there will be more discussions and considerations along the way that the proposal will have to follow the proposal in the Congress of the Republic.
While the legislative initiatives are moving forward, entities such as the Superintendency of Finance and the Financial Information and Analysis Unit (UIAF). would also be promoting other initiatives from their respective areas of action.
Among these are the regulatory sandbox and the pilot “LaArenera” of the Financial Superintendence, as well as the opinion of the UIAF which would look for users to report trading operations with cryptocurrencies over USD $150, which has been postponed until next July.
On the other hand, let’s keep in mind that Colombia will have the second round of the presidential elections on June 19, so the direction of the country and the approach to cryptocurrencies could undergo changes depending on the priorities of whoever becomes the next president of the South American nation.
- Study suggests Brazil and Colombia are the countries with the highest crypto adoption in Latin America
- Colombia: UIAF postpones until July resolution that requires users to report cryptocurrency transactions
- Michael Saylor advises how to think about money whether you’re in Venezuela, Argentina, Colombia, the U.S. or Europe
With information from Twitter
Article by Angel Di Matteo / DiarioBitcoin
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