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Colombian Financial Superintendence Prepares Norms For Crypto Transactions

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Colombian Financial Superintendence Prepares Norms For Crypto Transactions

The Colombian Financial Superintendence, the securities and financial watchdog of the country, is working on a document to regulate the transactions and operations made using cryptocurrency assets in the country. The organization announced that it will present the document in the coming weeks, which will issue norms for the treatment of these assets in the Colombian financial system.

Colombian Financial Superintendence to Issue Crypto Norms

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Latam governments are now taking cryptocurrency regulation as a serious matter, as adoption in their countries is starting to reach relevant numbers. The Financial Superintendence of Colombia, an organization that deals with the oversight of the financial system in the country, is preparing a set of norms that would apply to the use of crypto in the country.

The announcement was made by Jorge Castaño, head of the organization, during an event in Barranquilla. The document, that must be reviewed for its sanction, is already in the hands of the Central Bank of Colombia for its consideration and feedback.

This is not the first time that the institution has dealt with cryptocurrencies. The Financial Superintendence was responsible for a pilot test called “the sandbox,” which allowed cryptocurrency exchanges to work in tandem with private banks in the country, making it easier for users to purchase crypto with their fiat funds.

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Regulation Coming

While Colombia was not known for being a crypto hotbed not so long ago, the country has been slowly leaning into crypto. This has made it interesting for Latam exchanges like Ripio and Bitso, which have recently expanded their operations to the country. Also, Colombia is one of the countries in Latin America ranking high in number of crypto ATMs, only second to El Salvador, which has deployed a number of Chivo ATMs to power its national wallet infrastructure.

This is why regulators are now involved in bringing a cryptocurrency bill to bring order to the industry in the country. This month, the first bill that seeks to regulate the actions of cryptocurrency exchanges in the country was passed in its first discussion, with regulators praising it as a way of fighting scams and Ponzi schemes that are common. The relation of the new norms and how these will work with that regulation is still not known.

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What do you think about the new cryptocurrency norms being prepared by the Colombian Financial Superintendence? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges

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Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges

The Congress of Colombia has approved a bill that regulates the behavior of cryptocurrency exchanges in the country in its first discussion, taking the first steps to bring clarity to this issue. One of the creators of the bill, Mauricio Toro, a representative of the Green Party, stated that this bill is needed to protect users from Ponzi schemes, giving them security in the crypto world.

Colombia Gets on the Crypto Regulation Road

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More and more countries in Latam are realizing the growth and influence crypto and crypto-related businesses are seeing in their territories. Colombia is one of them, and this is moving the government to accelerate the regulation of cryptocurrency exchanges to clarify the responsibilities and duties of these companies.

In this sense, the Colombian Congress has taken steps in this direction by approving a bill that seeks to give more clarity and security to the operation of crypto exchanges in the country. One of the proponents of the bill, representative Mauricio Toro of the Green Party, gave his opinion about this development on social media. According to Toro:

Colombia has to move forward in regulating this business, which is legal and multi-million dollar, so that jobs and opportunities are created, but also so that it provides peace of mind to Colombians who can buy their assets safely.

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Furthermore, Toro stated that this bill is also directed to safeguard users and customers of these platforms from falling into Ponzi schemes.

A Long Way Ahead

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While Toro was very optimistic about the impact this bill might have, the project is still in its early stages and will need to be discussed three more times to be approved and presented as law. This might take more time than usual, due to the political circumstances that Colombia is facing today, in the middle of its election cycle, with its second election round coming soon.

If approved in its present state, cryptocurrency exchanges in Colombia will have to register to offer their services, disclosing the benefits, risks, and possible profits of crypto trading to their users. Also, banks will allow the connection between cryptocurrency exchanges and accounts in fiat currency directly, helping to avoid the development of Ponzi schemes and other pyramid scams.

Other institutions in Colombia are also moving to regulate and control customer-exchange interactions. In April, the money-laundering watchdog, the UIAF, announced that users would have to report their cryptocurrency movements to the organization via an online system. However, the organization backpedaled later and postponed the sanction of the mentioned resolution.

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What do you think about the new crypto bill approved in Colombia? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Report: Latam Countries Are Among The Most Enthusiastic About The Metaverse

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Report: Latam Countries Are Among The Most Enthusiastic About The Metaverse

A new survey has found people’s opinion of the metaverse in emerging countries is significantly more positive than in their developed counterparts. The study, carried out by Ipsos for the World Economic Forum (WEF), also shows that Latam countries are among the most enthusiastic about the future of the metaverse and its applications for different industries.

Latam Believes in the Metaverse

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More and more companies are interested in the opinions people in different parts of the world have about the metaverse. A new survey conducted by Ipsos for the World Economic Forum has found that, while half of the adults across the world have a positive opinion about the metaverse and how it might affect their lives, emerging countries have a more enthusiastic sentiment on this issue.

The study surveyed groups of 1,000 and 500 adults in 29 different countries, considered representative of the actual populations of each country. The study reported that all of the countries in Latam surveyed — including Chile, Argentina, Colombia, Brazil, and Peru — had a more positive opinion that the rest of the world about metaverse technologies. Peruvians had an exceptional opinion about the metaverse, with 74% of the adults surveyed being positive about it, being only surpassed by some countries in the APAC area.

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The survey also found that most people believe that certain applications of metaverse technology will be more successful than others. When asked about which kinds of metaverse apps would change people’s lives in the next 10 years, most of the surveyed believed that the impact of this tech would be more intense in activities such as virtual learning (66%), entertainment in VR (64%), virtual work settings (62%) and virtual/enhanced gaming (60%). Trading of digital assets, something that is already being worked on in several isolated metaverse platforms, scored a 52%.

Regarding virtual tourism, people were not so enthusiastic, with only 48% of the surveyed being positive about its impact. The study further states that:

Familiarity and favorability toward the new technologies are also significantly higher among younger adults, those with a higher level of education, and men than they are among older adults, those without a college-level education, and women.

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However, even with all these differences, most people still believe that their lives will be impacted by metaverse technologies in the next 10 years.

Tags in this story

AR, Brazil, Chile, colombia, ipsos, latam, Metaverse, Peru, Survey, VR, WEF

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What do you think about the latest metaverse survey carried out by Ipsos? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitso

Ripio Announces Expansion To Colombia In Next Months

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Ripio Announces Expansion To Colombia In Next Months

Ripio, an Argentinian cryptocurrency exchange, has announced concrete actions regarding its expansion to Colombia. The company will offer a new option for cryptocurrency users and traders in Colombia, and will also offer a financial education proposal that is yet to be revealed. This launch will crystallize in the following two months with the opening of an office in the country.

Ripio to Officially Launch in Colombia

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The Argentinian exchange Ripio has offered more details when it comes to its expansion in Colombia. The company has declared it will offer a new proposal for Colombian traders and cryptocurrency users focused on other services like its digital wallet. The exchange, which raised $50 million last year in its Series B funding round led by DCG, told Criptonoticias it is planning to open an office in Bogota in less than two months, with the objective of offering a yet unannounced financial education proposal.

On this new expansion plan, and what they offer Colombians, Ripio’s team stated:

Our product offering goes far beyond an exchange, which is often the only service offered by other companies. In fact, our main product – with more than 3 million users to date – is a digital cryptocurrency wallet for first-time users.

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Customer-Geared Operation

Ripio explained that it wants to focus on its customer support, given that users in Colombia have experienced problems with other exchanges in the area in this regard. While the company has grown immensely during the last two years, going from a userbase of 400K to three million customers, and with a presence in Argentina, Brazil, Uruguay, and Colombia, Ripio is gearing its operation to be able to answer to any customer requirement in a matter of hours.

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Some Colombians have experienced problems with Binance before. The exchange blocked their funds due to an investigation from a Netherlands-based money laundering office without informing customers clearly on the subject. Ripio aims to avoid a situation like that, setting up a digital help center manned by real agents who could address users’ concerns.

Colombia has become a center of interest for cryptocurrency exchanges and startups recently. In February, Bitso, another Latam-based exchange, announced it was expanding to operate in the country. At that time, Emili Pardo, President of the exchange for the country, stated:

We are witnessing one of the most important moments in the adoption of cryptocurrencies in Colombia and the region of Latin America as a whole.

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What do you think about the expansion that Ripio is making to Colombia? Tell us in the comment section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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