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🌐 Colombia's Central Bank Moves Towards Regulating Digital Assets
📝 Colombia is making significant strides to clarify its #virtual assets sector, which currently operates in a gray area. The Central Bank of Colombia has completed a draft aimed at regulating the #cryptocurrency industry, emphasizing the potential benefits that digital assets can bring to the economy. 👤 Andres Murcia, the bank’s Deputy Manager of Monetary and International Investments, noted that the institution initially adopted a defensive approach with this draft. However, its perspective has shifted to a more progressive stance, recognizing that digital assets are innovative and can be advantageous for Colombia. 📊 The draft defines digital assets not as currency but as representations of other assets. It aims to establish general rules based on the principle of “same activity, same risk, and same regulation.” Key points of the proposal include protecting financial customers, mitigating fraud, maintaining macroeconomic stability, and promoting an open digital assets market. ‼️ The proposal also introduces a new institution to manage digital assets and a #sandbox environment for adapting regulations as the market evolves. Oversight will be provided by an institutional triumvirate: the Financial Superintendence will supervise #virtual assets service providers (VASPs), the central bank will set rules for stablecoins, and the national tax agency will maintain a VASPs registry for tax purposes. #crypto 
