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Colombia Advances Regulatory Framework for Local Crypto Industry

The South American nation is inching toward a future where banks and crypto exchanges work together.

Colombia’s government has released draft rules for crypto companies that want to operate in the country, several months after the launch of the South American nation’s regulatory “Sandbox” project. (Not to be confused with The Sandbox, one of the leading blockchain-powered metaverse realms.)

The public will now be able to comment on the proposed regulations, put forward by the Financial Superintendence of Colombia, the country’s financial regulator.

The rules propose a risk management system for money laundering and terrorism financing, as well as cybersecurity guidelines and ways to trace crypto transactions.

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