The bank has proposed a forward-thinking approach to digital assets, classifying them as representations of actual assets rather than currency themselves. The central bank would regulate stablecoins, and the Financial Superintendence would oversee Virtual Asset Service Providers (VASPs).
Central Bank of Colombia Prepares to Introduce Digital Assets Law Draft
Colombia is working to establish clear rules for the cryptocurrency industry, which currently lacks formal regulation.
The Central Bank of Colombia has finalized a draft to regulate the cryptocurrency industry activities, with a focus on recognizing the innovation that digital assets might offer to the wider economy.
Andres Murcia, the bank’s Deputy Manager of Monetary and International Investments, stated that first, the institution took a defensive stance with this draft. Nonetheless, its views evolved, becoming more progressive, acknowledging that digital assets are innovative and can benefit Colombia.
This project treats digital assets as representations of real-world assets, rather than currencies themselves. It aims to create consistent rules based on the idea that similar activities should have similar risks and regulations.
This document focuses on safeguarding customers’ money, reducing fraud, ensuring a stable economy, embracing new digital technologies like cryptocurrencies, and fostering a transparent and accessible digital asset market.
This plan also proposes creating a new agency to oversee digital assets, along with a testing ground – a ‘sandbox’ – to adapt regulations as the market evolves.
An institutional triumvirate will oversee the market as a whole, with the Financial Superintendence supervising the virtual assets service providers (VASPs) and their activities. The central bank will define rules for stablecoins, and the national tax agency will manage a VASP registry for tax purposes.
Murcia expressed confidence in the proposal’s success, noting that it was based on successful approaches used in countries such as Brazil and Singapore.
Efforts to create rules for digital assets have stalled in Congress, lacking enough support to pass. Although this new proposal is prepared, it hasn’t been formally presented because the government is currently focused on other legislative issues.
FAQ
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Colombia’s central bank has completed a plan to regulate the cryptocurrency industry, making its rules and operations clearer.
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The proposed law in Colombia defines digital assets as representations of other assets – things like stocks or property – and not as currencies. This approach aims to create a single, consistent set of regulations for these types of assets.
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The regulation’s main goals are to safeguard consumers, reduce fraud, support a stable economy, and encourage the development of new digital asset technologies.
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Colombia plans to regulate digital assets through a new agency. This agency will work with three key organizations – the Financial Superintendence, the Central Bank, and the national tax agency – to provide comprehensive oversight.
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2026-03-06 14:58