Latin America’s Fourth-Largest Economy Allows 2 Crypto Exchanges to Operate in Colombia

The Superintendencia Financiera de Colombia is the Colombian government agency responsible for overseeing financial regulation and market systems in order to preserve stability, security and confidence, and to promote, organize and develop the securities market. 

Superfinanciera, Colombia’s financial regulator, announced that Movvi and Bitpoint have been authorized to operate in the country.

Colombian users can now perform cash-in and cash-out operations using the two platforms after an evaluation by the entity’s Evaluation and Tracking Committee evaluated the pilots.

The committee was created with the purpose of regulating the operation of crypto assets in the country’s financial system.

The pilot program will run for 12 months and once it is over will require users to withdraw their Colombian Pesos (COP) or cryptocurrency while the platform deals with local regulations. Until then, users can use the platform to exchange, transfer, and operate using either COP or crypto.

Mónica Saavedra, product manager, referred to the platform’s service by stating:

“The idea is for any user who wants to buy cryptocurrency can register in MOVii and Bitpoint. In just a few minutes they will be able to send money in fiat currency using a digital wallet for the purchase and selling of crypto assets, a transaction that takes seconds.”

The country’s government has kept a friendly attitude toward crypto but has yet to establish a regulatory framework that guides users and platforms.

Colombia is Focusing on Investor Safety

With the launch of this pilot program, regulators are taking the first steps to make this operation not only safer but also easier for the average person.

Julian Geovo, Operations Manager for Bitpoint in Latin America, referred to the relevance of the moment by stating:

“The crypto asset market has existed in Colombia for many years. It is a big step forward to see that regulatory entities are working on creating the conditions to operate in a secure and sustainable manner for the benefit of thousands of people and companies that are already part of the crypto world.”

The Colombian government has decided to recognize digital currencies as assets instead of currencies, which has made transactions in cryptocurrencies to be the user’s responsibility.

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