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Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges – Regulation Bitcoin News

Crptoz by Crptoz
June 9, 2022
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Colombia’s Congress in its first discussion approved a bill governing the behavior of cryptocurrency exchanges in the country, taking the first step to bring clarity to the issue. One of the bill’s creators, Mauricio Toro, a representative of the Green Party, said that this bill is needed to protect users from Ponzi schemes, to provide them security in the crypto world.

Colombia gets on the crypto regulation road

More and more countries in LATAM are feeling the growth and seeing crypto and crypto-related businesses in their regions. Colombia is one of them, and it is pushing the government to accelerate regulation of cryptocurrency exchanges to clarify the responsibilities and duties of these companies.

In this sense, the Colombian Congress has taken steps in this direction by approving a bill that seeks to provide more clarity and security for the operation of crypto exchanges in the country. One of the supporters of the bill, Green Party representative Mauricio Toro, Gave His opinion about this development on social media. According to Toro:

Colombia has to move forward in regulating this business, which is legal and multi-million dollar, so that it creates jobs and opportunities, but also that it provides peace of mind to Colombians who want to buy their assets safely. Can you

In addition, Toro said that the bill is also directed to protect users and customers of these platforms from falling into Ponzi schemes.

a long way ahead

While Toro was very optimistic about the impact of this bill, the project is still in its early stages and will need to be discussed three times to be approved and submitted as law. In the middle of the election cycle, with the second election round of the political conditions Colombia is facing today, it may take longer than usual.

If approved in its current state, cryptocurrency exchanges in Colombia would have to register to offer their services, disclosing the benefits, risks and potential profits of crypto trading to their users. In addition, banks will allow connections between cryptocurrency exchanges and accounts in direct fiat currency, helping to avoid the development of Ponzi schemes and other pyramid scams.

Other institutions in Colombia are also moving to regulate and regulate customer-exchange interactions. In April, the money-laundering watchdog, UIAF, announced that users would be required to report their cryptocurrency movements to the organization via an online system. However, the organization later backed down and postponed the approval of the mentioned proposal.

What do you think about the new crypto bill approved in Colombia? Tell us in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. Entering the cryptosphere when prices rose during December 2017, he describes himself as late for the game. Having a computer engineering background, living in Venezuela and being socially influenced by the cryptocurrency boom, he offers a different perspective. About crypto success and how it helps the unbanked and underserved.

image credit: Shutterstock, Pixabay, WikiCommons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation or recommendation or endorsement of an offer to buy or sell any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the Company nor the author is responsible, directly or indirectly, for any damage or loss alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article.

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