The Financial Superintendency of Colombia has issued a Disorganized crypto regulations. As revealed, the project carefully addresses many industry issues comparable to what other countries have addressed.
In addition, the financial regulator is also seeking the opinion of the citizens of the country on the project. As expected, the project strongly considers containment measures against money laundering and terrorist financing. Additionally, it contains how crypto transactions should be monitored, including cybersecurity stipulations.
Notably, the project addresses issues of concern to regulators around the world. So far, every country attempting to regulate the industry has raised concerns about the anonymity of crypto transactions.
The latest attempt is likely to push Colombia to the top among crypto-friendly countries. Recently, crypto analytics firm Coincub ranked cryptocurrency-friendly countries for the second quarter of 2022. The rating shows Colombia not ranked, while the United States joined Germany at the first place.
The United States reached this peak thanks to the recent order of President Joe Biden. Biden has ordered government agencies to solicit public opinion to craft a comprehensive regulatory framework. A path that Columbia has followed with its latest project and its attempt to solicit public opinion.
Therefore, in the next ranking, Columbia will likely hit a new high. However, interest in cryptocurrency is gaining relevance in the country. Based on the p2p trading ratio, the country currently ranks second. At the same time, 6.1% of the country’s population owns cryptocurrency. Therefore, it has become sacrosanct for the government to put in place a regulatory framework for the industry.
Cryptocurrency adoption is on a short line in Colombia. Lately, a food vendor app, Rappy, announced that it accepts payments in cryptocurrency. A popular cryptocurrency exchange, Bitso, recently launched its mobile app in the South American nation.
Above all, cryptocurrency regulation is gradually creeping into the international debate. Countries around the world are gradually developing regulations to address the industry. Recently, G20 countries have agreed on the need for cross-border regulation of cryptocurrency, especially stablecoin.
The recent collapse of the UST introduced strict attention to regulations in the crypto industry. Additionally, how Tether briefly lost its peg against the US dollar contributed to the growing attention.
The European Union has also taken steps to address industry. Without a doubt, 2022 has witnessed more conversations about cryptocurrency regulation. Finally, Colombia’s financial regulator will combine the results of its opinion research process to process the project.
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