Columbia issues a draft on crypto regulation; seeks public opinion

Columbia issues a draft on crypto regulation; seeks public opinion

Colombia's Financial Superintendence has recently published a draft regarding crypto regulation. As per credible sources, the draft treats several issues related to cryptocurrencies comparable to what other countries have treated.

Additionally, the financial regulator pursues to consider the opinion of the country's citizens about the draft.

As contemplated, the draft massively considers control measures against funding the terrorists and money laundering. It also includes how the crypto transactions should be monitored, along with cybersecurity stipulations.

Today, every country attempting to regulate the market has raised concerns about the anonymity of crypto transactions.

The issues addressed in the draft are notably concerning for regulators worldwide. This newest attempt is expected to boost Colombia's upward crypto-friendly nations.

As per recent analytics by Crypto analytic firm Coincub, out of the countries that are friendly to cryptocurrency for the Q2 of 2022, Columbia was unranked while the US joined Germany at the highest spot.

The United States was placed at the highest position given the recent orders placed by President Joe Biden that instructed Governmental agencies to take public opinion for mapping out an all-inclusive regulatory framework.

A path that Columbia followed with its latest draft and efforts to understand public view.

Hence, Columbia, in the next rating, is expected to attain new heights. Additionally, the country is witnessing rising interest in cryptocurrency; based on the p2p trading ratio, the country at present ranks second.

Simultaneously, 6.1% population of the country owns cryptocurrency. Therefore, it has become vital for the government to set up a regulatory framework for the industry.

Cryptocurrency adoption is on a brief course in Columbia. Recently, Rappi, a food vendor, announced that it has started accepting payments in cryptocurrency. Similarly, a popular cryptocurrency exchange Bitso also recently unveiled its mobile application in the South American nation.

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