Key information:
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Sandbox info is anticipated to contribute to the definition of a regulatory framework.
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The Monetary Superintendence reiterates warnings in regards to the “dangers” of working with cryptocurrencies.
The Colombian Monetary Superintendence (SFC or Superfinanciera) reported on the closure of the regulatory sandbox that had been in place since 2021.
By a publication on X, the monetary establishment introduced the very fact, additionally stating among the check outcomes. allowed to judge the shopping for and promoting actions of bitcoin (BTC) and different cryptocurrencies in a gaggle of chosen exchanges that labored along with Colombian banks.
As reported by CriptoNoticias, the pilot plan -also referred to as LaArenera SFC- that approved the launch of seven alliances between native banks and bitcoin exchanges.
At the moment, the partnerships had been established as follows: Bancolombia with Gemini, Davivienda and Powwi with Binance, Banco de Bogotá with Bitso and Buda, Coltefinanciera with Obsidiam, Coink with Banexcoin, and Movii with Panda and Bitpoint.
Based on info from the Superintendency of Finance, the train – which formally ended on June 13 – allowed “advances within the understanding of the dangers and alternatives related to this sort of operations.” in its interplay with monetary system providers.”
No incidents had been noticed that will jeopardize the continuity of the trade pilot, nor did any dangers materialize that will have an effect on monetary customers or the steadiness of taking part monetary establishments.
Monetary Superintendence of Colombia.
Pending regulation, the SFC once more cites “dangers”
In its assertion, the SFC says it’s going to use the data obtained from the managed sandbox expertise to the definition of a regulatory framework for the sector.
The report states that the information collected supplied important info “on the dangers confronted by each customers and supervised entities.”
This assertion is made in a context the place the Colombian ecosystem remains to be ready for the presentation of a invoice by the group, which has been a subject of debate since final 12 months.
It is a proposal that had been outlined by the Superfinanciera, along with different entities such because the Ministry of Finance and the Banco República, which has been the topic of conversations between the federal government and a few members of the Colombian ecosystem, of As Mauricio Tovar defined to this media:
There are talks a couple of set of clear guidelines that the Monetary Superintendence might put in place quickly and discussions are additionally persevering with on the invoice, however the fact is that little progress has been made recently.
Mauricio Tovar, researcher and blockchain specialist.
On this topic, the Superintendency of Finance’s assertion notes that the outcomes of the pilot “represent a precious enter for outlining a potential regulatory initiative.” Nevertheless, warns once more, each the supervised entities and most peopleon “the dangers” to which they’re uncovered after they purchase and commerce with these devices.
Bear in mind then that cryptoassets They don’t seem to be regulated or backed by a central financial institutionand due to this fact don’t represent a authorized tender technique of cost.
«Transactional platforms and entrepreneurs of cryptoassets should not regulated by Colombian legislation nor are they topic to the management, surveillance or inspection of this Superintendency.»
It’s value including that the checks within the Arenera They had been ruled by the requirements established by the Monetary Motion Job Drive (FATF)Which means a collection of requirements had been utilized to minimise the danger of cash laundering and terrorist financing.
These are the identical measures which can be required of bitcoin exchanges in different nations, forcing them to fill out info data of customers and report suspicious transactions.
