Colombia introduces new law to control cryptocurrency market
Colombia has introduced a new bill to regulate the growing cryptocurrency market.
The proposed law aims to protect users and attract more investment to the country’s digital money sector.
Two lawmakers, Senator Gustavo Moreno and House Representative Julián López, presented the bill to Congress on March 2. They say the lack of clear rules makes users vulnerable to scams and illegal activities.
If passed, the law would require companies offering cryptocurrency services to get a license before operating in Colombia. This system is similar to those already used in countries like Canada, Singapore, and the UAE.
The bill also includes rules on how crypto companies can advertise, pay taxes, and prevent crimes like money laundering and terrorism financing.
Julián López said the law would help make the crypto market safer.
“Our bill aims to establish clear guidelines to foster a reliable and attractive ecosystem for investment,” he said.
Colombia has about five million people trading cryptocurrencies, with transactions worth $6.7 billion in 2024. However, many companies work without proper regulation, leading to scams and illegal activities.
The country’s main financial regulator has been testing how to regulate crypto since 2021, but no formal rules have been put in place yet.
The new bill hopes to change that by setting clear standards for the industry.
