With this, the Financial Superintendence of Colombia (SFC) intends to establish an operational and cybersecurity risk management system with the aid of technological tools.
The Financial Superintendence of Colombia will issue the draft of a project to help establish the first rules of the game for crypto assets in the country.
It seems that the entire legal landscape related to crypto assets and exchanges is clearing up in Colombia. In the coming weeks, the Financial Superintendence of Colombia will issue a regulation to establish the rules for operations with crypto assets in the country.
According to Portfolio, this circular represents one of the advances that the Financial Superintendence has made, regarding the regulation of cryptocurrencies, after launching in 2021 a sandbox or pilot test with various companies and platforms to analyze operations.
Issue Highlights
The document refers to the strengthening of the provision of information to the consumer when there are alliances with virtual asset service providers. In addition, the Financial Superintendence establishes some principles for an evaluation of the clients of the supervised entities, in the case of providers of virtual asset services, as well as the strengthening of the provision of information to the consumer, when there are alliances with those providers.
According to Superfinanciera, this draft does not mean that crypto assets will be regulated. The idea is, among other issues, to establish an operational and cybersecurity risk management system, with technological tools to manage this risk.
The entity assured that reports must be made to the Financial Information and Analysis Unit (UIAF), a risk management system for money laundering, terrorist financing, and proliferation of weapons of mass destruction that meets the guidelines of the Financial Action Task Force. International.
A few months ago, Alejandro Beltrán, Country Manager of Buda.com, pointed out that some minimum conditions should be established for the adoption and knowledge of technology in Colombia since it is still being explored and there are many control entities that do not know how it works or how the risk around crypto assets is managed.
“There must be some rules of the game and legal clarity regarding the operation of this technology, and obviously a transformation of the public entity’s discourse, transforming its resistant position into a proactive position.”
Getting Closer to a Legal Framework for Crypto Assets
The Financial Superintendence of Colombia is not the only one taking steps to establish a legal framework for crypto assets. A few days ago, the Colombian House of Representatives approved, in a second discussion, the bill that seeks to regulate cryptocurrency exchanges.
The entity announced the approval of Bill No. 139 of 2021 Chamber, through which “Crypto-asset Exchange Platforms (PIC) that offer Exchange services for these virtual assets are recognized, a regulatory framework is created.”
The bill, which will now go to the Senate, seeks to 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).
By Audy Castaneda
