Colombian congressman Revealed Obstacles His Bill For Crypto Regulation May Face

By Natalie Wu | October 3, 2020

Mauricio Toro, Colombian congressman of the Alianza Verde party, who has come up with a draft bill meant to provide regulations for the local crypto scene, has reportedly disclosed challenges to his proposed bill.

Specifically, Toro reportedly claimed that from his stance, Colombia is trailing behind other countries when it comes to crypto regulation, and further noted that one of the primary obstacles is to ensure the crypto sector stays in compliance with AML procedures. 

He reportedly hopes that this will overcome the negative perceptions of the tech, given its associations with crypto-crime. 

“What we have to guarantee is that it is not done with crypto assets or cryptocurrencies and for this, special requirements are created for those who want to establish as an exchange, where they will have to report the number of transactions per month, pay tax for the commissions, and disclosing who are the owners and their clients.” The congressman further claimed.

Toro also provided points to reportedly make clear the “irony” where Columbia is among the top nations when it comes to crypto transaction volume in Latin America, yet still has no clarified regulatory framework established for the digital assets. 

The discussion revolving around his bill has reportedly been postponed for bureaucratic reasons, however, and is reportedly looking for a clear attitude from Colombia’s Financial Superintendence for crypto.

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