According to Beltrán, the Colombian authorities seek to protect the rights of consumers. Revoredo says that banks cannot accompany FinTech companies in Peru.
Peru will implement a sandbox for FinTech companies, which includes some from the cryptocurrency industry. Right now, there is a similar framework in Colombia.
The word “sandbox” refers to the sandboxes where children play in the parks. It is a place where the risk is under control because the floor is sandy and any fall is soft. Besides, parents can monitor their children from a short distance.
The world of technological innovation has embraced this sandbox. Authorities in some countries are creating a risk-controlled environment to test innovations where regulators are closely involved.
In recent days, Carlos Eduardo Bernos, country manager of buda.com in Peru, addressed this issue. He spoke with Alejandro Beltrán, country manager of buda.com in Colombia, and Abel de Revoredo, lawyer and ambassador of Asociación Gente de Perú.
There will be a Regulatory Sandbox for Financial Companies in Peru
Peru will have a Regulatory Sandbox based on Colombia’s experience in this matter. Abel de Revoredo explained that Peru presented this initiative for interested parties to comment.
Revoredo said that the FinTech Association formed a task force that is collecting the observations and comments of those involved.
The lawyer noted that the main comment is that the bill is aimed at companies in the financial system. Nobody talks about FinTech companies in particular, and the Superintendency of Banks (SBS) seems to be thinking of a different sandbox model.
Alejandro Beltrán commented that nobody talks about alliances, and banks cannot accompany FinTech companies, as in Colombia. He said that the regulatory sandbox reaches financial institutions that do disruptive or novel activities.
Regarding the tests done in Colombia, he noted that they resemble those done in Peru. The model that they will experiment with can have a maximum duration of 12 months. It is necessary to set the maximum number of participants, in addition to the start and end processes. Likewise, the test must comply with the legal or regulatory procedures that the SBS establishes during the process.
Beltrán clarified that the authorization of the test does not guarantee that the innovative model will continue to work. It also does not guarantee that there will be a rule that relaxes the current regulations to establish that model. The permanent performance of the activity depends on the Superintendency of Banks.
The Sandbox of Colombia Seeks to Assess Transactions with Cryptocurrencies
Regarding the Sandbox of Colombia, which is already working, Beltrán clarified that it is not regulatory. He explained that it seeks to evaluate cryptocurrency purchase and sale transactions, which the Financial Superintendency of that country regulates.
According to the executive, the Sandbox of Colombia began in September 2020, and its implementation happened on December 21st. He said that buda.com then began a process of socialization with Colombian financial entities. The country manager recalled that Banco de Bogotá had to open its doors to supervise a cryptocurrency platform.
Beltrán mentioned that 9 out of 14 initiatives received approval and then began to prepare an alliance that was finalized in March 2021. This alliance contemplated knowing how to conduct transactions with funds in local currency resulting from the trading of cryptocurrencies.
By Alexander Salazar
