Financial Superintendence of Colombia Presents Project to Regulate Crypto Service Providers 1 New regulations for cryptocurrency service providers in Colombia!

New regulations for cryptocurrency service providers in Colombia!

– The Financial Superintendence of Colombia has proposed regulatory norms for crypto service providers.
– These norms would ensure that crypto exchanges and such providers of custody meet to receive services from the banks as their customers.
– The norms outlined that banks need to ensure that VASPs who reach them must possess the virtual assets transactions monitoring capacity, both technological and operational.
– The crypto assets service providers would need to clearly present information to their customers, including information about their offerings of services, the associated risks, and the available virtual assets on their platform.
– The VASPs will also need to have a plan to counter the risks related to operations and cybersecurity.
– The proposal from Financial Superintendence is currently under discussion and suggestions are open until 12th August, 2022.

 

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