2022 Colombia’s supervision attitude and future trend of encrypted currency

According to the latest news, the Colombian government has released new regulations, which will force the Exchange and individual to report to the Colombian anti-money laundering supervision agency UIAF report encrypted currency transaction. These transactions must be reported through an online reporting system, and the exchange will be required to regularly release the suspicious transaction report.

Colombia tightening anti-money laundering control

Colombia approves a new regulation, requiring users and exchanges to report more than a certain number of encrypted currency transactions. Resolution No. 314 stipulates that more than $ 150 encrypted currency transactions, or a plurality of Currency transactions worth more than $ 450, will have to report to Colombia’s anti-money laundering supervision agency UIAF.

This new regulation that will take effect on April 1 is intended to make more control of the country’s encrypted monetary assets, and prevents money laundering and terrorist financing activities that may use these assets from paying attention.

In this regard, the resolution pointed out that “virtual assets have already caused the situation worth UIAF intervention, as they do not illegally in Colombia’s business itself, they may cause illegal Activity.”

In addition, the new regulatory requirements exchange must publish the relevant suspicious transaction report, ie, provide a detailed list that is considered unusual operations, as well as users who affect these operations.

Progress in punishment and supervision

The law also specifies the punishment of exchanges and personnel who fail to comply with these instructions. If money-laundering is discovered in these activities, users who do not follow the prescribed users will have to pay the minimum monthly salary of 100 to 400, and other fine things derived from these crimes.

Resolution No. 314 pointed out that in 2019, the transaction volume registered in the Bitcoin national market was $ 124 million, almost 1.7 times in 2018. Due to the new discovery of these markets, this growth has caused concerns that the Government is used for illegal purposes for these assets.

However, Colombia’s institutional supervision of encrypted currencies has also reached the tax environment. Dian is the country’s tax regulator, recently announced that it is taking measures to test tax evasion behaviors related to transactions or transactions using encrypted currencies.