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Colombian Monetary Watchdog Says Native Companies Can Use Capital to Purchase Bitcoin

01/05/2021
Colombian Financial Watchdog Says Local Firms Can Use Capital to Buy Bitcoin

The Superintendency of Firms in Colombia has defined in an official notice that firms within the nation are legally allowed to purchase cryptocurrencies, particularly bitcoin (BTC), to inject capital so long as they abide by native laws.

Colombian Watchdog: Native Companies Can Use Capital to Purchase Bitcoin if Corporations Reveal Tokens Are ‘Intangible Property’

In keeping with the publication, the Colombian watchdog identified that though crypto belongings utilization within the monetary sectors is “nonetheless” not regulated, there aren’t any authorized prohibits to inject capital by way of bitcoin (BTC) – the one crypto asset talked about within the doc.

Nonetheless, they clarified the tokens ought to meet the factors of “intangible belongings,” in response to the definition granted by the nation’s tax watchdog to cryptocurrencies, Directorate of Nationwide Taxes and Customs (DIAN), which reads as follows:

From the patrimonial standpoint, as these currencies correspond to intangible belongings, able to being valued, they kind a part of the patrimony and may result in the acquiring of a (presumptive) earnings. In keeping with the above, it may be concluded that digital currencies are usually not cash for authorized functions. Nonetheless, within the context of mining exercise, insofar as they’re acquired in trade for companies and/or commissions, they correspond to earnings and, in any case, to items that may be valued and generate earnings for individuals who get hold of them as from be a part of your patrimony and take impact in tax issues.

However the superintendency nonetheless warns Colombian firms who deal with cryptos similar to bitcoin ought to pay attention to the “excessive dangers” that it carries and “the shortage of native of regulation that surrounds it.”

Corporations Are Not Beneath Particular Rules When Changing Capital to Bitcoin

Furthermore, the watchdog calls companies to abide by the ideas of fine religion and loyalty with their companies after they take care of cryptocurrencies. They’re nonetheless legally liable within the case that crypto’s worth suffers sudden worth depreciation.

The truth is, the Superintendency of Company reminds native firms that changing capital to bitcoin doesn’t grant them particular laws.

Within the doc, the Colombian entity talked about the approval of a pilot program by the nation’s authorities on September 22, 2020, that calls firms to check crypto transactions throughout the context of a regulatory sandbox accepted by the superintendence.

What do you consider the present stance of native Colombian authorities in the direction of cryptos? Tell us within the feedback part beneath.

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