In a move that has left some scratching their heads and others reaching for their digital wallets, two Colombian officials have decided to have another stab at regulating the wild west of crypto. The bill, a veritable tome of 16 provisions, includes a licensing system for crypto firms that sounds more like a recipe for alphabet soup than financial security. 📜✨
El Colombiano, a local media outlet that probably has better things to write about, reports that this legislative masterpiece aims to create a legal framework that will protect crypto users and attract investment to the nation’s crypto industry, which is currently in its awkward teenage years. 🌱💰
The bill, which reads like a novel that’s been translated from another language by someone who doesn’t speak either language, outlines 16 articles covering everything from monitoring crypto like it’s a suspect in a crime drama to tax rules that might as well be written in Klingon. 🚨📚
In a bold move that will surely keep lawyers employed for years to come, the bill proposes a virtual asset service providers licensing system. Crypto firms in Colombia will now have to apply for a license, just like their counterparts in places like Hong Kong, Singapore, Canada, and the UAE, who are probably laughing at us right now. 🤑🌍
Senator Gustavo Moreno and House Representative Julián López, who presumably have nothing better to do, have proposed this bill to Congress after their last attempt failed so spectacularly it’s almost impressive. 🎉📉
Moreno, in a statement that could be read as either concern or a cry for help, argued that Colombia needs a regulatory framework for crypto exchanges and firms because currently, they’re operating informally, which is about as reassuring as a pilot announcing mid-flight that they’ve never actually flown a plane before. 🛫🤷♂️
The lack of regulation, Moreno pointed out, is like leaving a chocolate cake on the counter and expecting no one to eat it. It just doesn’t work. 🍰👀
“Our bill,” Rep. López said, with a straight face that suggests he might be a robot, “seeks to establish clear rules of the game to generate a reliable and more attractive [crypto] ecosystem for investment with guarantees for this emerging industry.” 🧠🌳
According to sources that are probably just as confused as we are, around five million Colombian users have been trading cryptocurrency, with a transaction value of $6.7 billion in 2024. But don’t get too excited; many have also fallen victim to scams and pyramid schemes, proving that if there’s a way to lose money, Colombians will find it. 💸🎭
The Colombian Financial Superintendent, the country’s main financial regulator, has reportedly been working on crypto pilot projects since 2021. So far, the projects have produced about as much as a cat trying to type Shakespeare. 🐱🖥️
Read More
- Cookie Run Kingdom: Shadow Milk Cookie Toppings and Beascuits guide
- Rick Owens Gives RIMOWA’s Cabin Roller a Bronze Patina
- “Tornado Cash’s TORN Token: Riding the Rollercoaster of Sanction Roulette!”
- EXCLUSIVE: Mrs star Sanya Malhotra recalls seeing Shah Rukh Khan for 1st time and it’s not on Jawan sets; ‘Mujhey ek mahina…’
- The Weeknd’s ‘Hurry Up Tomorrow’ Billboard 200 Projections
- Roseanne Barr Has A Wild New TV Show About A Farmer Who’s ‘Saving’ America, And She’s Comparing It To The Sopranos
- Australia implements sweeping ban on credit and crypto for online betting
- David Taylor Takes You on a Tour of His Aluminum Explorations
- Invincible Season 4 Already in the Works, According to J.K. Simmons!
- Memecoin PeiPei emerges the top gainer among the leading 500
2025-03-03 13:57