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.
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