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Columbia seeks public opinion on crypto regulation

The Financial Superintendence of Colombia has published a draft of crypto regulation. As revealed, the draft carefully treats numerous industry issues comparable to what other countries have treated. 

Furthermore, the financial regulator also seeks the opinion of citizens of the country about the draft. As expected, the draft heavily considers containment measures against money laundering and terrorism funding. Also, it contains how crypto transactions should be monitored, including cybersecurity stipulations. 

Notably, the draft addressed issues that are of concern to regulators around the globe. So far, every country attempting to regulate the industry has raised concerns about the anonymity of crypto transactions.

The latest attempt is likely to push Colombia upward among crypto-friendly nations. Recently, Crypto analytic firm, Coincub ranked countries that are friendly to cryptocurrency for the second quarter of 2022. The rating shows Columbia is unranked, while the United States joined Germany at the top spot. 

The United States attained that height because of the recent order of President Joe Biden. Biden ordered Governmental agencies to seek public opinion to map out a comprehensive regulatory framework. A path Columbia has followed with its latest draft and attempt to seek public opinion.

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Consequently, in the next rating, Columbia will likely attain a new height. However, the interest in cryptocurrency is gaining more relevance in the country. Based on the p2p trading ratio, the country currently ranks second. At the same time, 6.1% of the country’s populace own cryptocurrency. Therefore, it has become sacrosanct for the government to set up a regulatory framework for the industry. 

The adoption of cryptocurrency is on a short line in Columbia. Lately, a food vendor application, Rappi, announced that it accepts payment in cryptocurrency. A popular cryptocurrency exchange, Bitso, recently inaugurated its mobile application in the South-American nation.

Above all, the regulation of cryptocurrency is gradually crawling into international debate. Countries around the globe are progressively coming up with regulations to address the industry. Recently, The G20 Countries agreed on the necessity for inter-border regulation of cryptocurrency, particularly Stablecoin. 

The recent collapse of the UST has ushered in strict attention to regulations in the crypto industry. Also, how Tether briefly lost its peg against the US dollar contributed to the increasing attention.

The European Union also took action to address the industry. Without a doubt, 2022 has witnessed more conversations about cryptocurrency regulation. Lastly, the financial regulator in Columbia will aggregate the outcome of its opinion-seeking move to address the draft.

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