The Chilean Minister of Finance announced the introduction of a bill regulating cryptocurrencies and fintech to Congress.
During his recent stay in the United States, Larraín reportedly noted that the requirements introduced by the new regulation will be proportional to businesses. He explained that the rules will take into account that various companies have different business models, and deliver different services that imply different risks for the users and the financial market.
Local media outlet Ahora Noticias reported that flexibility is among the most important aspects of the bill, since the pace of technological progress is so great. Per the report, Chile is home to a growing number of cryptocurrency exchanges that are currently not regulated. Furthermore, Larrain also reportedly warned the public about the risks of this kind of investments, stating:
“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.”