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

Colombia’s financial regulator, Superfinanciera, 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.

While many cryptos exchanges have asked the regulator to allow them to run a pilot program to operate between the boundaries of the law, none had succeeded until now.

Colombia is Focusing on Investor Safety

At this point, Colombian users who partake in the cryptocurrency market don’t count on any laws that protect their operations.

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.

With Colombia being one of the economies with the highest crypto transaction volumes in the world, the decision comes at a time when Colombian investors demand more security in transactions.

Julian Geovo, Operations Manager for Bitpoint in Latin America, referred to the…

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