Bancolombia to Offer Crypto Trading in Financial Regulator’s Pilot Program – Regulation Bitcoin News

Bancolombia, Colombia’s largest bank, will be offering cryptocurrency trading to customers in a pilot program within a regulatory framework established by the country’s financial regulator, the Superintendencia Financiera de Colombia (SFC). Customers can trade bitcoin, bitcoin cash, ether and litecoin with the Colombian bank.

Bancolombia will offer Cryptocurrency Trading for Customers within the Regulatory Sandbox

Bancolombia is the biggest bank in Colombia, according to total assets. It will offer cryptocurrency trading services to its customers through a partnership with Gemini, an exchange that operates in New York. Gemini is a trust company in New York and custodian, which are regulated under the New York State Department of Financial Services.

Cynthia Del Pozo Garcia, the exchange’s principal of strategy & corporate development, announced Monday that starting Dec. 14:

Gemini will partner with Bancolombia to give a small group of Colombians a smooth on-and off-ramp that allows them to trade bitcoin (BTC), bitcoin cash (BCH), ether, litecoins (LTC), and litecoins (ETH) via the Gemini exchange.

The partnership with Bancolombia “also serves as an important step toward the strategic expansion” of its presence in Latin America, Gemini noted.

It was also added by:

Our partnership is part of a one-year pilot program run by Colombia’s financial regulator, the Superintendencia Financiera de Colombia (SFC), and will offer users seamless and secure access to crypto.

The Superintendencia Financiera de Colombia declared that in January nine cryptocurrency initiatives were allowed to use the La Arenera regulatory platform.

Besides the Bancolombia and Gemini partnership, other partnerships in the sandbox are Banco de Bogotá and Bitso; Banco de Bogotá and Buda; Coltefinanciera and Obsidiam; Davivienda and Binance; Powwi and Binance; Coink and Banexcoin; Movii and Panda; and Movii and Bitpoint.

Would you agree that every bank should allow cryptocurrency trading? Please comment below.

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