According to the congressman, with this project, they seek to develop this industry of crypto exchanges and above all give users peace of mind.

Julián López, representative to the chamber for Valle del Cauca in Colombia, spoke about the second instance of approval of the bill that seeks to regulate cryptocurrency exchanges in the country.

In the last days of November, users of the crypto world in Colombia received good news when they witnessed the approval in the second debate of the bill that seeks to regulate cryptocurrency exchanges in the country.

The objective of the bill is to broaden the regulatory spectrum in Colombia and establish that all operators are incorporated as a commercial company or franchise of a foreign company, as well as a Single Registry of Cryptoactive Exchange Platforms (exchanges).

Last September, the Colombian House of Representatives held a public hearing to share the main points of the project, encourage debate and build with experts the regulation of cryptocurrency exchanges.

What are the Main Points for which the Bill, which Seeks to Regulate Cryptocurrency Exchanges, should be Approved in Congress?

Julián López: The main points here are that the National Government will be able to regulate the use of cryptoactive exchange platforms and this will shield the user. In this case, the platforms will be able to operate legally, since they currently operate informally.

Do you Think that When There is Legislation for Exchanges and Cryptocurrencies, more Foreign Companies would be Encouraged to Come to Colombia?

Julián López: I think that Colombia is going to bite the bullet in this wonderful world of crypto assets, well of course we are going to bring in a lot of foreign direct investment and we are also going to encourage a lot of national capital to get into this business, which although it is highly volatile, requires sufficient investment, and can be done well. I think there may be many Colombian exchanges.

How do you see the Outlook for the Bill to Regulate Exchanges and Cryptocurrencies Now that it Goes to the Senate?

Julián López: I believe that there are also very important leaders in the Senate of the Republic. I hope the project falls into the hands of people who want to work on this issue. We will give the entire debate with great passion and dedication in the plenary session of the Senate so that it becomes Law of the Republic in June 2023.

Another Small Step for the Passage of Crypto Legislation

In summary, this Bill seeks to legalize cryptocurrency activity in Colombia at a business level, and will seek to provide more security to customers and holders when buying and selling cryptocurrencies, since Colombia is one of the Latin American countries with the highest adoption.

On the other hand, the Bill approved in the second debate, highlights the need for detailed information on the risks involved in investing in this technology, for Colombians to get a clear idea of all the aspects involved.

By Audy Castaneda


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