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The most backward country in terms of Fintech regulation

According to the executive director of the FinteChile association, Ángel Sierra, Chile is the most backward country when it comes to regulating financial technology ventures.

Chile was delayed in the regulation of fintech companies in the region. The local regulator just this year released the draft with basic guidelines to regulate crowdfunding.

According to this medium, an X-ray in the region shows that the six countries that concentrate Fintech are, Brazil 33 percent, Mexico 23 percent, Colombia 13 percent, Argentina 10%, Chile 7 percent and Peru 5 percent.

Of these, only Mexico has a regulation for crowdfunding platforms, cryptocurrencies and payment operations. While the rest of the nations are in the process of regulating, or have only regulated certain aspects. “From the list, Chile is the most backward country in terms of regulation,” said Ángel Sierra.

Pending matter

In mid-February, the Commission for the Financial Market released a document establishing the basic guidelines for regulating crowdfunding and related services in the country. Although this constitutes an advance for the sector, between the neighboring countries that concentrate the Fintech and took this step one or more years ago.

For Sierra, the backwardness of Chile in the matter is not necessarily a bad thing. Because if the country quickly capitalizes on the regulatory weaknesses and the implementation that there was in other nations. One can still dream of seeing Chile as the future financial center of the country. region.

However, he considered it necessary to establish a regulation soon on the matter since talking about a 21st century financial ecosystem without Fintech is difficult.

On the other hand, from the Ministry of Finance said that this year is not in their plans to see the issue. Which would be done only in the first half of 2020, since the priority for 2019 is the Tax Reform.

Also published on Medium.

Published inFintech

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