Fintech Bill Approved and Ready to Be Sanctioned in Chile – Regulation Bitcoin News

A fintech bill, which seeks to regulate fintech and cryptocurrency-related activities in Chile, has been approved by the deputy chamber of the congress, leaving it ready to be sanctioned by the president of Chile, Gabriel Boric. The bill, according to sector sources, is designed to promote innovation and competition in an unregulated marketplace.

Chile: Fintech Bill almost Law

The Chilean deputy chamber has approved a fintech bill that seeks clarity for institutions offering digital and crypto-based services. It was passed without opposition from the Chilean Senate. President Gabriel Boric must now sign the bill for the project to be approved.

The bill includes in its scope the oversight of cryptocurrency exchanges, and defines cryptocurrency assets as a “digital representation of exchange units of money, goods or
services.” It also broadens the regulatory reach of the Financial Market Commission to include the supervision of cryptocurrency exchanges and cryptocurrency custody providers.

Mario Marcel (Chilean Finance Minister) stated that the bill was designed to attract competition in an area that has been unregulated and considered gray. He said:

The project does not favor any one sector. It promotes competition, allows institutions to be different to traditional financial retail, and will allow them to offer cheaper services to the public.

Reactions and thoughts

Companies and individuals in the sector have praised the approval of the bill. They believe it will bring new investment into Chile and allow existing companies to manage their status. Chile has seen several court battles between crypto companies and banks in the past. The new law will avoid further controversies.

Samuel Canas (legal manager for Buda), one of Chile’s largest exchanges, was delighted to announce the passing of the law. He declared:

These regulations will provide more certainty and attract investment, as well as defining a legal framework for this sector that was not available before.

Canas believes, too, that this bill, if approved, would allow people who don’t have traditional access to finance to access the financial tools provided by fintech companies and other alternative financing companies.

How do you feel about Chile’s fintech bill? Comment below.

Sergio Goschenko

Sergio, a Venezuela-based 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 a direct beneficiary of 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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