The Chilean Chamber of Deputies approved the bill for the fintechs that operate in the country, a text that included cryptocurrencies and that now awaits the sanction of President Gabriel Boric.
Going through an economic crisis, the South American country hopes to create a regulatory environment that favors the emergence of new technological solutions.
The process in the Chilean legislature was quick, since the Federal Senate had approved the law on October 4. When it came to the consideration of the deputies, it took less than 10 days to be approved as well.
Chilean deputies approve law that affects cryptocurrencies
As in many other countries besides Chile, cryptocurrencies are treated as financial assets due to GaFi recommendations.
In this way, the Fintech Law in Chile leaves the legislature as a proposal that makes cryptocurrencies be regulated by the government.
To this end, the scope of action of the Commission for the Financial Market and the Financial Analysis Unit Chileanan autarchy that will now have the power to supervise investment companies, including cryptocurrency brokers.
According to information released by Bitcoin Diaryany cryptocurrency that is issued in the country must be authorized by the regulatory body.
Crypto entrepreneurs liked the new law, with an executive at brokerage Buda saying that “the state is in charge of protecting the market, which will now be able to benefit“.
Another CryptoMarket exchange executive stated that the new law has numerous benefits for the Chilean cryptocurrency market, one of which is the improvement of competition between companies, which will have clear rules.
Now, the Chilean cryptocurrency market awaits the presidential sanction of the law, which could take place until 2022.
Latin countries and their laws on cryptocurrencies
In 2021, El Salvador approved its Bitcoin Law that made it the legal tender in the country. Apparently, the pioneering project was the only one whose intention has always been to make bitcoin a currency and not a financial asset so far.
Also in the fight to pass a bill is Paraguay, where recently the Federal Senate overrode a veto on a local bill.
In addition, Brazil is waiting for the plenary session of the Chamber of Deputies to approve its own text. The Brazilian project leaves the Central Bank with the responsibility of inspecting cryptocurrency exchanges, which should limit the performance of companies and prevent scams from appearing in the market.
Mexico, for its part, has a senator who supports bitcoin and hopes that a project will also be approved in the country.
This shows that the Latin American region can be one of the most advanced in the search for cryptocurrency regulation.