Progress on the project to regulate cryptocurrencies in Colombia: Will the third time be the charm?

An official registry of virtual asset service providers is being sought, which would be overseen by the Superintendency of Companies. In Colombia, the intention to regulate the cryptocurrency market has been a recurring topic in Congress over the past few years. To date, there have been three attempts at legislation aimed at establishing a legal framework for the buying and selling of digital assets.

The first was in 2019 and was led by Senator Carlos Abraham Jiménez. The idea was to regulate cryptocurrencies, but it was not approved by the Third Committee. The second attempt occurred in 2022, but just one debate away from becoming law, it sank in June 2023.