cryptocurrency

Chile Introduces Bill to Regulate Crypto – Finance Magnates


The Minister of Finance of the Chilean government Felipe Larraín has tabled a bill to regulate digital currencies and other financial technologies.

According to the local media Ahora Noticias, the minister send the bill to the Congress from the United States.

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The bill has taken into consideration the regulatory needs various business models, and instead of slapping the industry with a blanket rule, it is considering to impose regulations in a proportional way.

Explaining the bill, Larraín told the local daily: “Taking into account the different forms taken by the business models of these platforms and also the fact that different platforms can provide different services, the regulation will apply requirements proportionally, regulating according to the type of service provided and the risks that this implies for the users and for the financial market.”

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The report detailed that the cryptocurrency industry in the South American country is growing and like most of the regions across the globe, Chile does not have proper rules to regulate the industry. The minister also emphasized the risks involved in crypto trading and believe that the new rules, if passed, can mitigate illegal activities using digital currencies.

“A regulation to these platforms would mitigate some of these risks, such as money laundering and financing of terrorism, and increase the legal certainty with which they operate. We want to adequately protect the risks associated with this activity,” Larraín added.

A victory for crypto exchanges

Though there was minimum government interference in the sector, Chilian banks were played a hostile role towards the crypto-related businesses. Last year, the banks cut their ties with the digital asset exchanges operating within the country.

The exchanges, however, formed a consortium and went to court to appeal against the banks’ decisions. Earlier this year, an anti-monopoly court heard the case and ruled in favor of the crypto exchanges, Finance Magnates reported.





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