Regulation of the cryptocurrency market is constantly becoming stricter. Nowadays jurisdictions impose high regulatory and risk management requirements on virtual asset service providers.
Despite this, we always manage to find a solution that suits the client. All the time our team provides research of the market and regulations on various markets to find the best jurisdiction. Recently we have made the global overview of the VASP regulation in the Latam Countries and are ready to share information with our future and existing clients. Today we will look at the features of obtaining a cryptocurrency license in Bolivia.
The law regulating the activities of VASPs
In March 2024, a draft law “Bitcoin Regulation Law in Bolivia” was published Resolución de Directorio N°082/2024
VASP regulator
Financial System Supervisory Authority (“ASFI”)
Activities included in VASP services
The recently approved regulations allow banks to transact in cryptocurrencies via approved electronic channels. However, the central bank clarified that cryptocurrencies are not accepted as forms of legal tender.
Thus, although crypto assets are tradable via banks, the Bolivian government does not recognize them as legal tender, and companies are not required to accept them as payment.
The purpose of the bill “Bitcoin Regulation Law in Bolivia” is to regulate the use of Bitcoin as legal tender in Bolivia, authorising its use without restriction in all transactions carried out by natural or legal persons, both in the public and private spheres.
Our contacts
If you want to become our client or partner, feel free to contact us at support@manimama.eu.
Or use our telegram @ManimamaBot and we will respond to your inquiry.
We also invite you to visit our website: https://manimama.eu/.
Join our Telegram to receive news in a convenient way: Manimama Legal Channel.
Manimama Law Firm provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.
The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.
