Colombian Financial Supervisory Authority Sets Regulations for Crypto Trading

The Financial Supervisory Authority, Colombia’s securities and financial regulator, is working on a document to regulate transactions and operations using crypto assets in the country, Golden Finance reported. The group announced that it will submit the document in the coming weeks, which will publish norms for the handling of these assets in Colombia's financial system. The head of the group, Jorge Castagno, made the announcement at an event in Barranquilla. The document, which has to go through a review before it can be approved, has been referred to the Central Bank of Colombia for consideration and feedback. This month, the first bill aimed at regulating the conduct of cryptocurrency exchanges in the country was passed in its first discussions, with regulators hailing it as a way to combat common scams and Ponzi schemes. The relationship between the new norms and how those norms will work with the regulation remains unknown.