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Colombia requires bitcoin exchanges to report user transactions since April

Colombia, Distrito Capital de Bogotá, Bogotá
Published 2 years ago
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Colombia requires bitcoin exchanges to report user transactions since April
Colombia, Distrito Capital de Bogotá, Bogotá,
Published 2 years ago

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There is not much time left before the law that will require reports from exchanges and individuals in Colombia on transactions with bitcoin and other cryptocurrencies that are carried out on behalf of clients becomes effective.

As of April 1, transactions with bitcoin (BTC) greater than USD 150 (or 590 thousand pesos) must be notified to the Financial Information and Analysis Unit (UIAF), attached to the Ministry of Finance.

Transactions with multiple cryptocurrencies above USD 450, meanwhile, must also be reported to the agency, which published the measure in resolution 314 of 2021.

The regulation issued by the Uiaf seeks to prevent illicit acts, such as money laundering or financing of terrorism. However, the use of cryptocurrencies in Colombia is completely legal and the measure is perceived as a way to increase state controls over digital assets.

According to the document, "Virtual assets have created a situation that warrants the intervention of the Uiaf." Among the reasons cited by the agency are "the anonymity or pseudonymity in the transactions, the absence of support from the central bank and the non-recognition as an instrument that has liberating power."

The liberating power refers to the power that a currency has to extinguish obligations or debts, which is a special and unlimited attribute of common currency. Because cryptocurrencies do not have a legal status for payments in the country, the Uiaf fears that this loophole will become a way to circumvent controls on financial movements.

Bitcoin regulations in Colombia march at a fast pace
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    Colombia, Distrito Capital de Bogotá, Bogotá
    Bogota Cl 34 Megacali