The Good and the Challenging of the Crypto Bill That Seeks Approval in Congress

Financial Services attorney Camilo Gantiva Hidalgo was interviewed by El Tiempo about the bill to regulate cryptocurrencies in Colombia. Despite its growing popularity, there does not yet exist a legal framework for crypto's use and sale, generating uncertainty for this emerging industry. The new bill seeks to regulate providers of digital asset services, defined as domestic or foreign natural persons or entities that offer services related to virtual assets to third parties, which will be required to register before the country's Superintendence of Corporations. Mr. Gantiva Hidalgo commented on this aspect of the proposed legislation.

"Although the bill does not grant digital assets the category of value or currency under Colombian law, it seeks that only those that are registered, or the third parties with which they contract, can carry out promotional or commercial activities," he explained.

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