Colombia releases regulations to support collaboration between banks and crypto exchanges. The exciting news that has been spread on social media as it is a positive movement for the future.
Colombia’s Sandbox Project
Colombia has been showing advances in the cryptocurrency world. In 2021, the country launched a movement called Sandbox. A year after Colombia’s government approved this project. The Sandbox Project is related to the collaboration between banks and crypto exchanges. Many banks have welcomed the Sandbox project because it allows them to participate in the cryptocurrency world. Nine banks in total are in the project. One of the banks is Bancolombia, a Colombian bank that has made a deal with Gemini, a New York-based exchange. Another bank, Davivienda, also works together with Binance.
Crypto in Colombia
After the launching of Sandbox, the government of Colombia released statements regarding draft regulations in the country. These regulations are for crypto companies that aim to operate effectively in Colombia. The Financial Superintendence of Colombia, the country’s financial regulator, has allowed the public to comment on these regulations.
BREAKING: Colombia’s government has released draft rules for #crypto companies that want to operate in the country
— Bitflex (@Bitflex) July 20, 2022
These regulations include how to avoid money laundering and scams in the country. Not only that but also cybersecurity concerns and tracing for transactions. It is a necessary movement for Colombia to make a safer environment for crypto to operate. A good plan has added to the point made by Colombia’s finance regulator. One of the goals is to make Colombian citizens able to purchase cryptocurrency using traditional bank systems. It is exciting information as Colombia is looking ahead to the future.