The Government of Colombia has revealed new draft rules for crypto firms that wish to operate in the nation. The project is launched after many months since the inception of the South American nation’s regulatory “Sandbox” project.
The Financial Superintendence of Colombia, the nation’s financial regulator, has officially made its proposed regulations available for public viewing and criticism.
These regulations propose many ways to manage risk by setting few cybersecurity guidelines and ways to trace the crypto transactions during money laundering and terrorism financing.
This method asserts that Colombia is swiftly working towards building a future which can enable the public to buy crypto through their traditional bank accounts.
Colombia’s “Sandbox” is an unorthodox Latin American crypto experiment which rolled out last year after being approved by the government in 2020. This enables Colombian banks to partner with major crypto exchanges like Binance and Bitso to allow the public to own Bitcoin, Ethereum or other digital assets.