Colombia: Congress bill to regulate cryptocurrency traders

The Congress of the Republic of Colombia has been presented a bill that would seek to regulate companies specialized in the handling of so-called ‘Cryptocurrencies’ or virtual currencies.

Representative Mauricio Toro, who authored the initiative, explained that the aim is to design a regulatory scheme that prevents people from falling victim to new modalities of fraud growing around these new financial products. “We do not want to start talking about currencies, but about assets that are exchanged through digital platforms. The idea is to allow this exchange between Colombians, but have it regulated by the State,” said Mr. Toro.

The new law would allow the Superintendence of Industry and Commerce to monitor the operation of these platforms, which in turn could then handle bank accounts in Colombia.

“The system must be a secure system that does not violate the virtual wallets of the people who have those assets and surveillance would be done through that registry. These companies will also be obliged to report all transactions and financial movements, ” Mr. Toro added.