Chilean Government Prepares Cryptoactive Regulation Project For 2019
The Chilean financial authorities will send to the congress the bill to regulate operations with cryptoactives in the course of 2019. This was expressed by the Minister of Finance of Chile, Felipe Larraín, this Monday, April 15.
It was expected that the bill for the regulation of the Fintech sector in Chile , which includes standards for the cryptocurrency industry , would be ready for the first half of 2020. However, Larraín announced that this year the interinstitutional working group that develops the project, will send a document for discussion at the National Congress of Chile , as reported by local media.
The statement of the high official took place in the city of New York, United States, in the framework of the opening of the event ChileDay New York 2019. In his speech, Larraín said that in the South American country has been developing increasingly the exchange of cryptoactive , although his office has warned the public about the risks involved.
"A regulation of these platforms would mitigate some of these risks, such as money laundering and terrorist financing, and increase the legal certainty with which they operate. We want to adequately protect the risks associated with this activity, "the minister emphasized.
The Chilean government has been working on a regulatory framework for the Fintech sector and cryptocurrencies since May 2018. The issue is addressed in the Financial Stability Board, under the coordination of the Ministry of Finance, and with the participation of the Superintendency of Securities. and Insurance, the Superintendency of Banks and Financial Institutions, and the Superintendence of Pensions.
Larraín commented that the project takes into consideration international experiences in the field. He also noted that technical opinions have been consulted from the private sector, as well as financial regulators such as the Central Bank of Chile, the Commission for the Financial Market (CMF) and the Financial Analysis Unit (UAF).
Finally, the official said that he expects fintech sector regulations to represent a reduction in costs. In this regard, he acknowledged that this sector does not receive enough attention from the traditional financial system, which is why it would benefit most from the regularization of fintech.