Colombian Congress considers bill to regulate crypto exchanges

The authors of the new bill, which was submitted to the Colombian Parliament, propose to allow bank customers to link their bank accounts with accounts on cryptocurrency exchanges.

The document is intended to bring more clarity to the regulation of cryptocurrency exchanges in the country, declared one of the supporters of the bill, the representative of the Green Party Mauricio Toro (Mauricio Toro).

According to him, Colombia needs to move forward in regulating the industry, as the crypto industry brings millions of dollars to the country’s budget and creates new jobs. In addition, Toro says, the cryptocurrency industry creates new opportunities for the economy and provides Colombians with secure access to assets, as well as protection from fraud.

According to a recent study by crypto exchange Gemini, Latin America is the leader in terms of growth in the number of owners of cryptocurrencies. The fastest growing number of crypto investors is in Brazil.

The bill has yet to go through three readings in the Colombian Congress. In addition, he appeared at the height of the election campaign.

If the bill is still adopted in its current form, then cryptocurrency exchanges will need to register in order to continue to offer their services. The platforms will force customers to disclose the possible risks of trading digital currencies, and customers of Colombian banks will be allowed to link their accounts to accounts on crypto exchanges. According to the bill, this should help to avoid fraudulent schemes.

Earlier, the international research company Ipsos published the results of a survey, according to which the majority of Latin Americans are sure that the metaverses and Web3 will significantly change people’s lives in the next 10 years.