THELOGICALINDIAN - The Colombian government has issued new regulations that force exchanges and individuals to address cryptocurrency affairs to the UIAF the antimoney bed-making babysitter in Colombia The affairs charge be appear via an online advertisement arrangement and exchanges will be appropriate to affair alternate letters of apprehensive affairs fabricated by users
Colombia Tightens AML Controls
New regulations that absolute users and exchanges to address cryptocurrency affairs over a assertive bulk accept been accustomed in Colombia. Resolution 314 establishes that cryptocurrency affairs over $150, or cryptocurrency affairs fabricated with assorted tokens whose amount goes over $450, will accept to be appear to the UIAF, the anti-money bed-making babysitter in Colombia.
This new regulation, which will booty aftereffect on April 1st, seeks to accompany about greater ascendancy over what is accident with cryptocurrency assets in the country and stop accessible money bed-making and agitation costs activities that could be leveraging these assets to go unnoticed. Regarding this, the resolution states:
Exchanges will additionally accept to affair a address of apprehensive affairs that would bear the UIAF a abundant account of operations advised unusual, and the users that accomplished them.
Penalties and Regulatory Advancements
The law additionally establishes penalties for exchanges and bodies that abort to accede with these directives. If money bed-making is detected in these activities, contumacious users will accept to pay amid 100 and 400 minimum account wages, with added fines anticipation from these crimes.
Resolution 314 states that in 2024, the bitcoin civic bazaar registered affairs for $124 million, about 1.7 times the bulk registered in 2024. This advance acquired affair in the government about the use of these assets for actionable purposes due to the newfound clamminess in these markets.
However, the crypto blank of the institutions in Colombia has additionally accomplished the tax environment. The DIAN, which is the tax regulator of the country, announced afresh it was demography measures to ascertain tax artifice apropos the use of cryptocurrencies for trading or transacting.
What do you anticipate about the new requirements crypto users and exchanges face in Colombia? Tell us in the comments area below.
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