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Government of Chile Launches New Cryptocurrency and Fintech Regulation

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According to a report dated April 15, Felipe Larrain, the Minister of Finance – the Chilean government came out to announce the welcoming of a bill in order to regulate cryptocurrencies and fintech to Congress.

As per reports, while in the United States, staying for the second time, Larraine noted that the requirements which are introduced by the new regulations are supposed to be proportional to business. The Minister of Finance further explained that the rules will various firms have diverse business models, and deliver different services which essentially hold different risk factors for consumers along with the financial market.

According to reports by Ahora Noticias (local media outlet), flexibility is one of the most important aspects of the bill because the speed of the technological aspect is great. Reports further suggest that Chile has a growing amount of cryptocurrency exchanges in the country which at present are not regulated.

Moreover, Larraine also warned the people about the dangers of this kind of investments. He stated “Regulation of these platforms would mitigate some of the risks, such as money laundering and terrorist financing, and increase the legal certainty with which they operate. We want to adequately protect against the risks associated with this kind of activity.”

As reported recently, Chile’s central bank showed an inclination to the idea that cryptocurrencies are not equipped to substitute traditional money. Also, in the of April, the anti-monopoly court in the country has once more granted protection to local cryptocurrency exchanges by making sure that the banks keep their accounts open.

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