Regulation towards crypto traders and companies to come in Colombia

15 May, 2019
by Colin Hawkins
Regulation
Regulation towards crypto traders and companies to come in Colombia

The Congress of the Republic of Colombia are working to cut down on crypto users falling victim to fraud, and have proposed a bill to regulate cryptocurrency transactions according to the Competition Policy International publication, May 13, 2019.

In a country that was against all digital currencies just a mere two years ago, showing interest in regulating crypto and working towards the prevention of fraudulent crypto theft is a large step towards adoption in such a short span of time.

Representative Mauricio Toro was the one who set forward the initiative and presented the bill on regulation. In a statement, he made the focus of the proposed bill clear:

“We do not want to start talking about currencies, but about assets that are exchanged through digital platforms. The idea is to allow this exchange between Colombians, but have it regulated by the State.”

If the bill passes the exchange platforms are to be monitored by the Superintendence of Industry and Commerce. Crypto platforms will then be required to share transaction data with authorities in an effort to cut down on fraudulent activities and aide in identifying any illicit activities on the companies’ end.

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