No surprise here, the Chilean government aiming for bill to get past. The Minister of Finance of the Chilean government Felipe Larrain announced the introduction of a bill regulating cryptos and fintech to Congress, Cointelegraph Spain reported on April 15th.
During his recent stay in the United States, Larrain reportedly noted that the requirements introduced by the new regulation will be proportional to businesses. He explained that the rules will take into account that various companies have different business models, and deliver different risks for the users and the financial market.
Local media outlet Ahora Noticias reported that flexibility is among the most important aspects of the bill, since the pace of technology progress is so great. Per the report, Chile is home to growing number of cryptocurrency exchanges that are currently not regulated. Furthermore, Larrain also reportedly warned the public about the risks of this kind of investments, stating: " Regulation of these platforms would mitigate some kind of risks, such as money laundering and terrorist financing, increase the legal certainty with which they operate. We want to adequately protect against the risks associated with this kind of activity."
As Cointelegraph recently reported, the Central Bank of Chile expressed the idea that cryptocurrencies are unable to substitute traditional money. Also, at the beginning of the current month, the Chilean anti monopoly court has again granted protection to local cryptocurrency exchanges by forcing banks to their account open.
Comments