Colombian legislators re-enter the crypt regulation account with 16 provisions

Two Colombian regulators proposed another account that would serve to regulate crypto. The bill consists of 16 provisions, including a system for licensing ligencing for firm crypts.

According to local media El ColombianoThe proposal of the Law aims to establish a legal framework that would provide the protection of the CRIPTO users and encouraged several investments in the Nation’s cruptly croppling industry.

The bill describes a total of 16 articles covering several aspects related to crypto, including monitoring, marketing rules, education, Crypto Taxas well as measures for financing money laundering and anti-terrorism or Aml/ CFT.

In addition, the account proposes and a Virtual property service providers Licensing system that would crypt companies want to work in the region had to apply. Other countries love Hong Kong, Singapore, Canadaand UAE Use VASP licenses to ensure that local regulations will be observed.

Senator Gustavo Moreno and a representative of the house Julian Lopez proposed an account of Congress 2. March, after failing in his attempt last year.

Moreno claimed that Colombia urgently must establish a regulatory framework for CRIPTO exchange and companies due to virtual property companies in the country act informally, which “generates uncertainty and risks for users”.

Lack of regulation, added by Moreno, does not provide CRIPTO services with appropriate security mechanisms to protect its users and prevent abuse of crypto funds.

“Our account seeks to establish clear rules of the game to create a reliable and more attractive (crypto) an ecosystem for investing in emerging industry,” the tail said. Lopez.

According to the report, about five million Colombian users traded by cryptocurstity. Alone in 2024 years, the crypto value of the transaction reached 6.7 billion dollars in the country. However, the output also noticed that many users become victims fraud and pyramid schemes, and the other benefits of unregulated crypto ecosystem on money laundering.

Colombian financial supervisor, the main financial regulator of Columbia, allegedly worked on several crypto pilot projects from 2021. However, projects have yet to produce a “concrete regulatory framework”.