Colombia closes sandbox pilot with no clear direction for bitcoin

The Colombian Monetary Superintendence (SFC or Superfinanciera) reported on the closure of the regulatory sandbox that had been in place since 2021.

By means of a publication on X, the monetary establishment introduced the very fact, additionally stating a few of 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 have 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.

In accordance with info from the Superfinanciera, the train – which formally ended on June 13 – allowed “development within the understanding of the dangers and alternatives related to the sort of operations in its interplay with monetary system companies.”

No incidents have been noticed that may jeopardize the continuity of the trade pilot, nor did any dangers materialize that may have an effect on monetary shoppers or the steadiness of collaborating monetary establishments.

Monetary Superintendence of Colombia.

Pending regulation, the SFC once more cites “dangers”

In its assertion, the SFC says it would use the knowledge obtained from the managed sandbox expertise to the definition of a regulatory framework for the sector.

The report states that the information collected offered important info “on the dangers confronted by each shoppers 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.

This can be 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 currently.

Mauricio Tovar, researcher and blockchain specialist.

On this topic, the Superintendency of Finance’s assertion notes that the outcomes of the pilot “represent a worthwhile enter for outlining a doable 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.

Keep in mind then that cryptoassets They don’t seem to be regulated or backed by a central financial institutionand subsequently don’t represent a authorized tender technique of cost.

«Transactional platforms and entrepreneurs of cryptoassets are usually not regulated by Colombian legislation nor are they topic to the management, surveillance or inspection of this Superintendency.»

It’s price including that the checks within the Arenera They have been ruled by the requirements established by the Monetary Motion Activity Drive (FATF)Because of this a sequence of requirements have been utilized to minimise the chance of cash laundering and terrorist financing.

These are the identical measures which are required of bitcoin exchanges in different international locations, forcing them to fill out info information of customers and report suspicious transactions.