Chilean lawmakers recently established a FinTech regulation that regulates digital currencies, propelling the country to the forefront of Latin American digital asset laws. This is true even if Chile has a lower crypto adoption rate than other nations in the region, which have weaker economies and thus higher bitcoin adoption.
Felipe Godoy, a partner of a law firm whose specialization is cryptocurrency, takes the new law as “a legal certainty” for the crypto industry in Chile. Thus, he believes, the legal environment will result in a more organized and wider market that will be attended by both local and international companies.
Cristóbal Pereira, CEO of Colledge, a Web3 educational platform located in Chile, shares Godoy’s viewpoint stating that:
“It’s positive because it will allow for a deeper market to develop, attracting both national and international actors.”
On the contrary, not all have harmonized in accepting the new code of conduct. Sebastian Saá, CEO of sugar block was worried about the fact that the complicated rules are misunderstood by the regulations bodies because of the very new nature of this field.
Although Chile may not be today that hot spot for crypto usage, it has the potential to take a leadership position in the regulatory framework for the whole region.
February, 2025 is going to be a milestone with the first companies’ registration for crypto under new law ending at this very day. This overhead will increase the accuracy of the assessments of industrial growth in the general sector, and the question of the effectiveness of such regulations.
Also read:Lithuania Plans to Weed Out Crypto Firms Next Year
