Colombia is taking firm steps to bring clarity to the local virtual assets sector, which now operates in a gray zone.

The Central Bank of Colombia has finalized a draft to regulate the cryptocurrency industry activities, with a focus on recognizing the innovation that digital assets might offer to the wider economy.

Andres Murcia, the bank’s Deputy Manager of Monetary and International Investments, stated that first, the institution took a defensive stance with this draft. Nonetheless, its views evolved, becoming more progressive, acknowledging that digital assets are innovative and can benefit Colombia.

The current project defines digital assets not as currency but as a representation of other assets, seeking to establish general rules under the “same activity, same risk, and same regulation” principle.

Protecting financial customers, mitigating fraud, implementing norms to maintain macroeconomic stability, innovating with digital asset technologies, and promoting an open and free digital assets market are key points presented in this draft.

A new institution to deal with digital assets is also created in this proposal, alongside a sandbox environment to retrofit regulation as the market progresses.

An institutional triumvirate will oversee the market as a whole, with the Financial Superintendence supervising the virtual assets service providers (VASPs) and their activities. The central bank will define rules for stablecoins, and the national tax agency will manage a VASP registry for tax purposes.

Murcia stated that he was optimistic about the future of this proposal, as it followed models established by countries like Brazil and Singapore.

Other initiatives regarding digital assets regulation have stalled in Congress, failing to garner the necessary interest to be approved. Even this proposal, while ready, has not been introduced as the government has additional legislative priorities.

• What recent action has Colombia taken regarding its virtual assets sector?
  Colombia’s Central Bank has finalized a draft to regulate the cryptocurrency industry, aiming to clarify its operations.

• How does the draft define digital assets in Colombia?
  The draft defines digital assets as representations of other assets rather than currencies, promoting a unified regulatory approach.

• What key objectives does the regulation aim to achieve?
  The proposal seeks to protect customers, mitigate fraud, maintain macroeconomic stability, and foster innovation in digital asset technologies.

• What regulatory framework is proposed for overseeing digital assets in Colombia?
  A new institution will manage digital assets, with a triad of oversight involving the Financial Superintendence, the Central Bank, and the national tax agency.

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