Resolution 314, in which the USAF proposes the controversial measure, will get introduced for consultation with experts in the community. The project will go to the debate level, and once a final version gets approached, it must get signed by the executive.
The Colombian Financial Information and Analysis delayed the implementation of the measure based on resolution 314, highlighting that citizens and entities carrying out activities with digital assets must report individual activities with digital assets that surpass USD 150 (COP 600,000 approx.) or USD 450 (COP 1,800,000 approx.)
According to reports, the implementation delay would extend until July 1. The UIAF revealed this information in a statement released on April 1.
The entity highlighted that the procedure would be subject to consultation for a period estimated at April 6. This audit procedure would happen following resolution 276, which took effect in 2021.
An Extension of the Period to Agree the Resolution 314
According to the situation going on with the extension for resolution 314, in an order brought by the UIAF on the official site, the entity clarified that the measure got reached following the agency’s capabilities to fight against money laundering risks and financing terrorist activities through the commercialization and application of digital assets.
Therefore, the agency expressed that the application extension goes initially until July 1.
This date is a tentative date from which the reports initially established by the UIAF must get sent, leaving the possibility that those who have already begun to do the same can continue carrying out said work.
A Consultation Stage for this Measure
As this is an order and the resolution faces a consultation phase, the UIAF will receive valuable feedback from studying the procedure under debate through official sites.
The entity encourages the community members and the local crypto environment to introduce their proposals to accommodate the regulations in the best possible manner.
The UIAF could also hold meetings with entities that carry out activities in the local crypto environment during this period, which could also be crucial for the readjustment of resolution 314.
The proposed dates could suffer some relevant changes as determined by the UIAF according to the consultations previously executed. Once a final version of the new resolution arrived at the table, the executive would sign and approve the document.
Article 8 of Resolution 314, based in 2021, sets up that the UIAF could change the conditions of the reports that appear in the terms, opportunities, and conditions considered appropriate.
This action would appear to guarantee effective consent to the policies tied to Resolution 314 of 2021 and ensure that the presentation of reports to the UIAF meets the entity’s information.
By: Jenson Nuñez
