Columbia seeks public opinion on crypto regulation

Colombia’s Financial Superintendence published a crypto regulation draft. As already revealed, this draft treats many industry issues carefully. Such issues are comparable to what some other countries already treated. The financial regulators seek the country’s citizen’s opinion regarding the draft. As expected this draft hugely considers containment measures against terrorism funding and money laundering. It too contains how transactions through crypto should get monitored such as stipulations of cybersecurity. Also if you trade in cryptocurrencies then visit bitcoinsystem the official trading website.

The current scenario

The draft notably addressed issues that are of huge concern to global regulators. Till now each country trying to regulate the industry raised concerns regarding crypto transactions’ anonymity. The recent attempt will likely push Colombia upward among the nations that are crypto-friendly. Off late, the crypto analytic firm named Coincub ranked some countries that are crypto-friendly for this year’s second quarter. This rating shows that Columbia is not ranked. But the US joined Germany at the leading spot.

The US attained this height due to President Joe Biden’s recent order. Biden ordered agencies of the government to seek some public opinion for mapping out one comprehensive regulatory framework. Columbia followed a path with its current draft. The country attempted to seek little public opinion.

In the next rating, the country will likely be attaining a new height. Yet the interest in crypto is earning more relevance in this country. Depending on the trading ratio of p2p, currently, the country is ranking second. Simultaneously, 6.1 per cent of the population of the country owns crypto. So, it became sacrosanct for this government to set up one regulatory framework for this industry.

Crypto adoption is on one short line in the country. Lately, one food vendor app named Rappi declared that it accepts crypto payments. Recently, a popular crypto exchange Bitso inaugurated its mobile app in the nation of South America. Above all, crypto regulation is slowly crawling up in the international debate. Globally countries are coming up progressively with some regulations for addressing the industry. Currently, The G20 Countries agreed on inter-border crypto regulation necessity, particularly of a stablecoin.

The current UST collapse ushered in stringent attention to regulations in the industry of crypto. Also, the way Tether lost its peg briefly against the US dollar led to enhanced attention. The European Union took action for addressing this industry. Without any doubt, this year witnessed a lot of conversions related to the regulation of crypto. Columbia’s financial regulator will be aggregating the outcome of their opinion-seeking move for addressing this draft.

Colombia takes initial steps toward regulating crypto exchanges

Colombia’s Congress approved one bill regulating the crypto exchanges’ behavior in this country in their first discussion. They took the first steps for bringing clarity to such an issue. Mauricio Toro one of the creators of this bill is the Green Party’s representative. He stated that such a bill is required for protecting users from the schemes of Ponzi, thus providing security to them in this crypto world.

A lot of countries in Latam realized the growth along with the influence that the crypto and some crypto-related businesses are witnessing in their territories. Colombia is one such country. It is moving the government for accelerating the crypto exchange regulation for clarifying the duties and responsibilities of such companies.

In such a sense, the Congress of Colombia took steps in such a direction by approving a bill. It seeks to provide a lot of clarity along with security to the crypto exchange’s operation in this country. The country has to go forward to regulate this business that is legal and of a huge amount. Thus jobs and multiple opportunities will get created. But also it will provide peace of mind to the citizens of the country who are capable of safely buying their assets. The bill is directed for safeguarding customers and users of the platforms from falling into the schemes of Ponzi.

Conclusion

Many institutions in the country are moving toward regulating and controlling customer-exchange interactions. In the month of April, UIAF, the money-laundering watchdog declared that users need to report their crypto movements to the organization through one online system. Yet the organization layer back-pedaled and then postponed the mentioned resolution’s sanction.