The Colombian Financial Superintendence, the securities and monetary watchdog of Colombia, is working on a document to manage the crypto transactions and operations within the country.
The watchdog said that it’ll showcase the document within the coming weeks, which will have norms for the treatment of those assets within the nation’s monetary system.
Latam governments are currently taking crypto regulation as a serious matter, as adoption in their nations is beginning to reach relevant numbers.
The Financial Superintendence of Colombia, an organization that deals with the oversight of the financial system in Colombia, is working on a set of norms which would apply to the use of crypto in the nation.
The announcement was made by the head of the organization, Jorge Castaño during an event in Barranquilla. The document, which must be reviewed for its sanction, is already in the hands of the Central Bank of Colombia for its consideration and reviews.
This is not the first time that the institution has dealt with crypto. The Financial Superintendence was responsible for a pilot test dubbed “The Sandbox”, which permitted crypto exchanges to work in tandem with private banks in the nation, making it more convenient for users to buy crypto with their fiat funds.
Although Colombia was not considered for being a cryptocurrency hub not so way back, the nation has been slowly stepping into crypto. This has drawn the attention of Latam exchanges such Ripio and Bitso, which have just lately expanded their operations to the country.
Also, Colombia is one of the nations in Latin America ranking high in the number of crypto ATMs, only second to El Salvador, which has launched numerous Chivo ATMs to power its national wallet infrastructure.
This is why regulators are now involved in bringing a crypto bill for bringing order to the industry in the nation. This month, the first bill that seeks to regulate the actions of crypto exchanges in the nation was passed in its first discussion, with regulators complementing it as a way of fighting scams and Ponzi schemes.
The financial watchdogs and governments are working tirelessly towards making crypto bills for the general public’s convenience. Just today, the President of Panama vetoed a crypto bill passed from the parliament of Panama.
