The Minister of Finance of the Government of Chile, Felipe Larraín, announced from the United States the sending to Congress of a bill to regulate Fintech and cryptocurrencies. This was reported by Ahora Noticias, on April 15.
Minister Felipe Larraín explained: “Attending to the different forms taken by the business models of these platforms and also the fact that different platforms can deliver different services, the regulation will apply requirements in a proportional manner, regulating according to the type of service provided and the risks that this implies for the users and for the financial market “.
On the other hand, according to Ahora Noticias, among the key aspects of this project is flexibility, because technology advances constantly and at a great speed.
More on this topic: They affirm that, in terms of Fintech regulation, Chile is the least advanced country in the region
According to the published, the authority also said that Chile has been developing a growing activity of exchange of virtual assets, known as cryptoactive.
This activity is currently not subject to specific regulations, and from the Ministry of Finance have warned the public about alleged risks with this type of investment.
Larraín commented: “A regulation to these platforms would mitigate some of these risks, such as money laundering and terrorist financing, and increase the legal certainty with which they operate. We want to adequately protect the risks associated with this activity. ”
Declarations from FinteChile
As it became known last month, the executive director of the FinteChile association, Ángel Sierra, had said that Chile is the most backward country when it comes to regulating financial technology ventures.
A survey of data in the region showed that the six countries that concentrate Fintech are: Brazil (33 percent), Mexico (23 percent), Colombia (13 percent), Argentina (10 percent), Chile (7 percent) ) and Peru (5 percent). Of these, only Mexico has a regulation for crowdfunding platforms, cryptocurrencies and payment transactions. The rest of the nations were in the process of regulation, or had only regulated some aspects. “From the list, Chile is the most backward country in terms of regulation”, commented Ángel Sierra.