Colombia is getting closer to finalizing its crypto legal framework. The Financial Superintendence of Colombia has put together a draft of crypto regulations, that members of the public can comment on.
The regulations include rules on crypto transactions, cybersecurity, and means to combat blockchain-based money laundering and terrorist group financing.
This comes after the unveiling of Colombia’s unique crypto program, called the “Sandbox”. Nine banks are part of the program. They are working with crypto exchanges, such as Binance, in order to enable Colombian citizens to acquire digital assets.
For instance, Bancolombia, in partnership with the Gemini exchange, allowed customers to buy crypto through their bank accounts. And Binance partnered up with another Colombian bank, Davivienda.
With the proposed draft, Colombia is yet another Latin American country that should have its crypto legal framework in place soon.