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

Colombia’s Securities and Financial Superintendence is currently working to create a regulation for transactions using crypto assets. It announced it would present the document within the coming weeks. This will establish norms regarding the handling of cryptocurrency assets in Colombian finance systems.

Colombian Financial Superintendence Issues Crypto Norms

Latam governments now view cryptocurrency regulation as an important matter as increasing adoption rates in their respective countries are starting to occur. Colombia’s Financial Superintendence of Colombia oversees the supervision of Colombia’s financial system and is in the process of preparing standards that will govern crypto usage in Colombia.

The announcement was made by Jorge Castaño, head of the organization, during an event in Barranquilla. For its approval, the document must first be reviewed by the Central Bank of Colombia. The Central Bank of Colombia has already received the document for feedback and consideration.

It is not the first occasion that this institution has handled cryptocurrencies. The Financial Superintendence was responsible for a pilot test called “the sandbox,” which allowed cryptocurrency exchanges to work in tandem with private banks in the country, making it easier for users to purchase crypto with their fiat funds.

The Coming Regulation

Although Colombia is not a known crypto-hotbed, they have been gradually moving into cryptocurrency. It has been a very interesting country for Latam exchanges such as Bitso and Ripio which recently extended their operations. Colombia ranks second in Latin America in the number of crypto ATMs. El Salvador is also a top country with a large number of Chivo ATMs.

The regulators now have the task of bringing about a bill that will regulate the cryptocurrency industry. In its first meeting, this month saw the passage of the cryptocurrency bill. Regulators praised it for helping to fight common Ponzi schemes and scams. We don’t know yet how the regulation will relate to these norms.

How do you feel about the Colombian Financial Superintendence’s new crypto norms? Comment below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. His entry into the cryptocurrency world in December 2017 was when it saw a price surge, and he describes himself as being late to this game. His background is in computer engineering, but he also lives in Venezuela and was impacted at the social level by the crypto boom. He offers an alternative perspective on the success of cryptocurrency and the benefits it has for the underbanked.

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