VASP regulation in Chile

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 Chile.

The law regulating the activities of VASPs

General: Act N° 21521 on Financial Inclusion

Special: NCG N°502 on authorization and registration

VASP regulator

Comisión para el Mercado Financiero – Financial Market Commission “CMF”

Activities included in VASP services

1. Crypto-assets exchange.

2. Investment advice.

3. Custody of financial instruments.

4. Order routing.

5. Brokerage of financial instruments.

VASP registration procedure for a local company and Authorization of VASP from another state to provide services in the jurisdiction

I. General requirements:

1. Identification and commercial name of the local company. For foreigner entities, identity card or passport number, or Unique Tax Role or Legal Entity Identifier.

2. Identification of the natural person with the power to act in conventional or legal representation in Chile of the person or entity: full name and national identity card or passport.

3. Phone number and email address.

4. URL of the crowdfunding or alternative transaction systems portal, if applicable.

II. Complementary requirements:

1. Copy of the deed of incorporation and the amending deeds of the last 10 years, of the registration of the extracts of each of these, and of the publication of these in the Official Gazette, together with the certificate of validity of the company and a copy of the social registration with proof of the marginal annotations made, both less than 15 days old from the date of the application.

2. If the request is submitted by a natural person as conventional representative of the person or entity that motivates the request, a copy of the public or private document containing the corresponding power must be attached.

3. Declaration that the company or its management body have not been sanctioned under the terms of article 6 of the Act N° 21521.

4. Certificate of Current Bankruptcy Procedures / Bankruptcies, issued by the Superintendence of Insolvency and Re-entrepreneurship, stating that the person or entity whose registration is requested is not found in the bankruptcy records, nor is it subject to a bankruptcy procedure for liquidation, reorganization or renegotiation, of an age equal to or less than 30 days.

5. Identification of each main partner, director or administrator: full name, nationality, and identity card or passport number in the case of foreigners.

6. Ownership structure of the business group to which it belongs, indicating the main businesses carried out by the companies in that group.

7. Synthesis of the strategic plan (mission, vision and objectives) and the business plan, indicating the main lines of business, the activities it intends to carry out.

Liability provided for the activities of a VASP without local registration

Civil and criminal liability according to the proven damages and the perform of regulated activities without authorization.


Manimama Legal & Growth Agency 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.