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Colombian Financial Superintendence Prepares Norms for Crypto Transactions – Regulation Bitcoin News

The Colombian Financial Superintendence, the securities and monetary watchdog of the nation, is engaged on a doc to manage the transactions and operations made utilizing cryptocurrency belongings within the nation. The group introduced that it’ll current the doc within the coming weeks, which can concern norms for the therapy of those belongings within the Colombian monetary system.

Colombian Financial Superintendence to Issue Crypto Norms

Latam governments are actually taking cryptocurrency regulation as a critical matter, as adoption of their international locations is beginning to attain related numbers. The Financial Superintendence of Colombia, a corporation that offers with the oversight of the monetary system within the nation, is preparing a set of norms that will apply to the usage of crypto within the nation.

The announcement was made by Jorge Castaño, head of the group, throughout an occasion in Barranquilla. The doc, that should be reviewed for its sanction, is already within the arms of the Central Bank of Colombia for its consideration and suggestions.

This just isn’t the primary time that the establishment has handled cryptocurrencies. The Financial Superintendence was accountable for a pilot check known as “the sandbox,” which allowed cryptocurrency exchanges to work in tandem with non-public banks within the nation, making it simpler for customers to buy crypto with their fiat funds.

Regulation Coming

While Colombia was not recognized for being a crypto hotbed not so way back, the nation has been slowly leaning into crypto. This has made it fascinating for Latam exchanges like Ripio and Bitso, which have just lately expanded their operations to the nation. Also, Colombia is likely one of the international locations in Latin America rating excessive in variety of crypto ATMs, solely second to El Salvador, which has deployed a variety of Chivo ATMs to energy its nationwide pockets infrastructure.

This is why regulators are actually concerned in bringing a cryptocurrency invoice to deliver order to the trade within the nation. This month, the primary invoice that seeks to manage the actions of cryptocurrency exchanges within the nation was handed in its first dialogue, with regulators praising it as a method of combating scams and Ponzi schemes which are widespread. The relation of the brand new norms and the way these will work with that regulation continues to be not recognized.

What do you consider the brand new cryptocurrency norms being ready by the Colombian Financial Superintendence? Tell us within the feedback part beneath.

Sergio Goschenko

Sergio is a cryptocurrency journalist primarily based in Venezuela. He describes himself as late to the sport, coming into the cryptosphere when the value rise occurred throughout December 2017. Having a computer engineering background, residing in Venezuela, and being impacted by the cryptocurrency growth at a social degree, he provides a distinct viewpoint about crypto success and the way it helps the unbanked and underserved.

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