Colombia introduces regulatory framework to facilitate acquisition of cryptos

English Jul 20, 2022

The government of Colombia recently released a regulatory set project aimed at cryptocurrency companies wishing to operate in the country.

The project is now open for the public to comment on the regulatory proposals presented by the country's financial regulator.

The rules propose a risk management system for money laundering and terrorist financing, as well as cybersecurity guidelines and ways to track cryptocurrency transactions.

The approach states that Colombia is working towards a future where citizens can buy cryptocurrencies through their traditional bank accounts.

Colombia’s “Sandbox” is an experiment that began last year after being approved by the Colombian government in 2020. It allows the country’s banks to partner with major cryptocurrency exchanges to allow citizens to acquire crypto assets.

Bancolombia – the country’s largest bank – struck a deal last December with a New York exchange, allowing a limited number of customers to trade Bitcoin, Ethereum, Litecoin directly from their accounts as part of a year-long pilot program.

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Morel Hernandes

Writer passionate about politics, economics, blockchain and crypto-currencies.