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Colombia starts Regulating Crypto Exchanges

Colombia starts Regulating Crypto Exchanges

Key Takeaways



Colombia is working to establish a regulatory framework for cryptocurrency trading, which is currently being debated in Congress and was approved for the first time this week by the House of Representatives’ Sixth Committee.



The pilot plan, which brings together financial institutions and DeFi companies, aims to assess the benefits and drawbacks of cryptocurrency operations, namely deposits and withdrawals under Colombian regulators’ supervision.



Crypto platforms must inform their users about the risks associated with trading cryptocurrencies and other digital assets, as well as the access requirements for their services.



Governments and numerous regulatory bodies are assertively trying to analyse and stay up with the fast expansion of the crypto market.



While many policymakers have realised that prohibiting the crypto industry is not an alternative, they have yet to develop a robust structure to monitor and control the emerging market in their native countries.



With a bill presently being debated in Congress and authorised in first reading this week by the House of Representatives’ Sixth Committee, Colombia is edging closer to establishing a regulatory regime for cryptocurrency trading.



In this regard, the Colombian Congress has begun taking a step in the right direction by passing a bill that aims to improve the clarity and security of cryptocurrency exchange operations in the country. Representative Mauricio Toro of the Green Party, one of the bill’s proponents, expressed his thoughts on the development. Toro claims that:



“Colombia must move forward in regulating this legal, multibillion-dollar business, not only to create jobs and opportunities, but also to provide peace of mind to Colombians who can buy their assets safely.”





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