Crypted users and stock exchanges must now report transactions in Colombia - Emerging Markets
Crypted users and stock exchanges must now report transactions in Colombia - Emerging Markets
The Colombian government has issued new regulations that force stockings and individuals to report cryptocurrency transactions to UIAF, the anti-money laundering supervisory authority in Colombia. The transactions must be reported via an online registration system, and the stock exchanges must regularly publish reports on suspicious transactions of users.
Colombia tightens aml controls
In Colombia, new regulations were passed that instruct users and stock exchanges to report cryptocurrency transactions above a certain amount. Dissolution 314 Cryptocurrency transactions over $ 150 or cryptocurrency transactions with several tokens, the value of which exceeds $ 450, the UIAF, the anti-money laundering supervisory authority in Colombia.
This new regulation, which comes into force on April 1, aims to achieve better control over what happens to the country with cryptocurrency values and to stop possible money laundering and terrorist financing activities that could use these assets in order to remain unnoticed. The resolution says: virtual assets have created a situation that deserves the intervention of UIAF because, although they are operations that are not illegal in Colombia, they can be suitable for them due to the anonymity or pseudonymity used in the transactions used. The stock exchanges must also issue a report on suspicious transactions that the UIAF deliver a detailed list of the operations that they have caused as unusually regarded.
The law also provides punishments for stock exchanges and people who do not comply with these guidelines. If money laundering is determined in these activities, the non -compliant users have to pay between 100 and 400 monthly minimum wages, with other fines incurring for these crimes. Resolution 314 states that the national Bitcoin market registered transactions worth $ 124 million in 2019, almost 1.7 times the amount registered in 2018. This growth led to the government to consider the use of these assets for illegal purposes due to the newly discovered liquidity in these markets. The crypto supervision of the institutions in Colombia has also reached the tax environment. The Dian, the country's tax inspection authority, recently taken measures to open up Tax evasion in relation to the use of cryptocurrencies for trade or transactions. What do you think about the new requirements for crypto users and exchanges in Colombia? Tell us in the comment area below. Bedy verification : Shutterstock, Pixabay, WikiCommons Penalties and regulatory progress
