Crypto sandbox advances in Colombia as regulator raises security standards
Despite the increased volatility in cryptoassets, the Financial Superintendency of Colombia (SFC) says its is making progress with its regulatory sandbox, where banks, fintechs and exchanges experiment with crypto operations.
One of the SFC’s top priorities is strengthening security and transparency measures in the testing environment. A key
“We’re working on a draft external circular from the Superintendency that’s going to include these additional aspects that supervised entities should require when linking crypto providers to the financial system,” said Ana María Zuluaga, coordinator of the SFC’s financial innovation group, at an iupanaPro event this week.
Sandbox participants test
The SFC also wants to improve money laundering prevention, risk management, cybersecurity and compliance with Financial Action Task Force (FATF) guidelines.
The crypto winter has underlined the strong volatility of cryptocurrencies and reinforced the regulator’s cautious approach.
“A bitcoin, a dodgecoin, an ether—in reality they are not backed and they are not conceived as a financial asset. We’ve always understood that, since they
However, the SFC remains open to new financial models. It’s overseeing a pilot issuance of a tokenized bond for the Second Market, which is a space for buying and selling securities for small companies using blockchain technology.
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