Mauricio Toro Creates a Draft Bill to Regulate Crypto Industry
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Mauricio Toro Creates a Draft Bill to Regulate Crypto Industry

October 3, 2020      Vandana Malik

Mauricio Toro, a Congressman from Colombia, has created a special draft bill to regulate the crypto industry of the country. Recently, he had an interview with Confidential Colombia where he talked about the major issues that his draft bill might be facing. He also talked about all the presumptions that are surrounded by cryptocurrency. 

Toro Believes Colombia Lagging in Crypto Regulation

While talking about crypto regulations, Toro mentioned that Colombia is lagging behind other nations when it comes to crypto regulations. He believes that one of the major reasons behind this is the AML procedure which is related to the crypto industry. It needs to be compliant with these procedures. With AML procedures, the negative perception that people are having with cryptocurrency will be removed as it is associated with major cybercrimes. 

Toro mentioned that it is not only crypto but “any scenario in Colombia can be used to launder money.” He said that for those who wish to build a crypto exchange, special requirements have been added to the draft bill. In the requirements, all the details that the exchange owner needs to report, have been mentioned. 

Bill is Seeking a Clear Stance From Colombia’s Financial Superintendence

As far as crypto transaction volume is considered, Colombia is among the most active countries in Latin America. However, there is not any clarification related to cryptocurrencies and the digital asset market. Currently, the discussion and debate on this draft bill have been delayed but it is looking for a clear stance from Colombia’s Financial Superintendence. Toro is not the only one who is seeking regulatory clearance for the crypto industry. There has been another attempt related to the regulatory sandbox. Recently the government of the country has also approved a pilot program which is a regulatory sandbox that invited different companies to test crypto transactions.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.