Chilean government will send crypto regulation to congress

21 Apr, 2019 | Updated: 21 Apr, 2019
by Alberto Arnaldo
Regulation
Chilean government will send crypto regulation to congress

Earlier this week, the Chilean Finance Minister Felipe Larraín announced that the government from Santiago would be sending forward to congress a law draft regulating fintech and cryptocurrencies, according to reports from local media.

The politician grounded the need for regulation in the diverse, changing forms of business related to crypto, and the necessity to regulate according to the service which is being offered and the risks for users and financial markets.

Chilean news site AhoraNoticias stated that Larraín was confident in that the law draft could be passed by congress during this year. The Chilean economist appears to be drawing conclussions from some of the older stereotypes regarding crypto, as he declared that “regulating those platforms would help mitigate some of those risks, such as money laundering or terrorism funding”.

However, he also had a glimpse of optimism regarding the positive effects of regulation on crypto: “it would also increase the juridic certainty with which said platforms operate”.

Even though without having access to the specific regulation it still seems rather early to classify this as good news, the development adds up to other milestones which are speeding up the adoption of crypto in Latin America.

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