The current absence of regulation leaves the sector exposed to fraud and financial crime, with more than five million Colombians using crypto and transactions which should reach $ 6.7 billion by 2024.
Colombian legislators have launched a new attempt to regulate the growing cryptocurrency industry in the country, aimed at providing legal clarity and consumer protection. The proposed bill, supported by Senator Gustavo Moreno and the representative of the Congress Julián López, seeks to create rules that protect users while encouraging investment. Legislators warn that the current lack of regulation makes the sector vulnerable to fraud, financial crime and uncertainty.
With more than five million Colombians using crypto and transactions reaching $ 6.7 billion in 2024, concerns about scams and illicit activities have intensified. The Superintendencia will finance Colombia has been working on crypto -related pilots since 2021, but no solid regulatory framework has emerged. The bill offers a license system for virtual asset service providers (Vasp), guaranteeing compliance with anti-whitewashing laws and counter-terrorist financing.
Supporters argue that clear regulations will strengthen investments and integrate crypto into the national financial system. However, criticisms warn against excessive restrictions that could push businesses abroad. Some investors highlight the importance of fair tax, warning that heavy tax charges could discourage the adoption of cryptography rather than supporting its growth.
The bill, covering areas such as consumer protection, marketing rules, education and taxation, aims to create a balanced approach. While the debates continue, Colombia is faced with a crucial decision, whether to promote innovation or the risk of late in the global cryptography market.
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