Colombia: Crypto Regulation Bid - New VASP System Proposed

Colombian senators are proposing new regulations for the cryptocurrency industry, aiming to protect users and foster investment. The proposed bill seeks to establish a VASP operating permit system to ensure compliance with AML/CFT protocols. Lawmakers believe current lack of regulation creates risks for consumers and enables misuse of cryptoassets. They want to create a more reliable environment with guarantees for the sector. However, some experts caution against overly strict rules that could stifle innovation and drive crypto businesses elsewhere. A balanced legal framework, including reasonable taxation, is crucial for sustainable growth and adoption in Colombia.

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