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 Columbia.
The law regulating the activities of VASPs
There is no special legislation, only a draft law that was not adopted
VASP regulator
Ministry for the Information and Communications Technologies (MinTIC)
Activities included in VASP services
According to Article 3 of the rejected draft law, cryptocurrency exchange services are:
1.Administration of crypto-asset exchange platforms
2. Provision of custody and/or storage services for cryptoassets
3. Exchange or transfer between cryptoassets and fiat currency, or between one or more cryptoassets
4. The complementary or analogous services
VASP registration procedure for a local and foreign company
Article 4 of the rejected draft law:To obtain the status of a VASP, both domestic and foreign companies must meet the following requirements:
1. Be incorporated as a commercial company with its registered office in Colombia/ or as a branch of a foreign company
2. Be duly registered in the commercial registry
3. To determine the exclusive purpose of the company’s activities is the provision of crypto asset exchange services
4. Implement and maintain a computer security program in accordance with the instructions of the MinTIC
5. Comply with AML/CFT policies
6. Register with the Unified Register of Platforms for the Exchange of Cryptocurrencies (RUPIC)
7. Have an instruction manual for information security approved by MinTIC
8. Implement KYC measures
Requirements to the VASP after registration (corporate maintenance, reporting, substance)
According to the rejected draft law, VASP should:
1. Provide the Financial Information and Analysis Department with the information required by the provisions of Law 526
2. Disclose to clients in writing all material risks associated with the services of a VASP and crypto assets in general
3. Implement a system for managing money laundering and terrorist financing risks (SARLAFT)
4. Submit an annual report to the MinTIC, which should assess the availability, functionality and integrity of computer systems used to provide cryptocurrency exchange services, identify relevant computer risks and evaluate the computer security policy
Liability provided for the activities of a VASP without local registration
No information
Other important information
Despite the fact that this draft law was not debated in the Senate and was not adopted, some articles indicate that the Colombian government wants to develop a new, more advanced draft law. However, no information about it has been found in the public domain
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 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.
