The proposed legislation seeks to safeguard users while encouraging greater investment in the nation’s digital currency sector.
On March 2, Senator Gustavo Moreno and House Representative Julián López introduced the bill to Congress. They argue that the absence of definitive regulations leaves users susceptible to fraud and illicit activities.
If enacted, the law would mandate that companies providing cryptocurrency services obtain a license prior to operating in Colombia. This licensing framework mirrors those already established in countries such as Canada, Singapore, and the UAE.
Additionally, the bill outlines regulations regarding advertising practices for crypto firms, tax obligations, and measures to combat crimes such as money laundering and financing of terrorism.
Julián López emphasized that the legislation would enhance the safety of the cryptocurrency market.
“Our bill is designed to create clear guidelines that will cultivate a trustworthy and appealing environment for investment,” he stated.
Currently, approximately five million individuals in Colombia engage in cryptocurrency trading, with transaction volumes reaching $6.7 billion in 2024. However, numerous companies operate without adequate regulation, resulting in scams and unlawful activities.
See more: Mexico vows retaliation as Trump trade war erupts
Since 2021, the country’s primary financial regulator has been exploring regulatory approaches for cryptocurrency, but no formal regulations have yet been established.
The new bill aims to rectify this by instituting clear standards for the industry.
