Resolution 314 establishes cryptocurrency transactions that go over $150, or transactions made with multiple tokens whose value goes over $450, will have to be reported to the UIAF.
The Colombian government has issued new regulations that force exchanges and individuals to report cryptocurrency transactions to the UIAF, the anti-money laundering watchdog in Colombia. The transactions must be reported via an online reporting system, and exchanges will be required to issue periodic reports of suspicious transactions made by users.New regulations that direct users and exchanges to report cryptocurrency transactions over a certain amount have been approved in Colombia.
Virtual assets have created a situation that merits the intervention of the UIAF, to the extent that, although they are operations that in Colombia are not illegal by themselves, they can lend themselves to illicit activities, due to the anonymity or pseudonymity in the transactions using them. Resolution 314 states that in 2019, the bitcoin national market registered transactions for $124 million, almost 1.7 times the amount registered in 2018. This growth caused concern in the government about the use of these assets for illegal purposes due to the newfound liquidity in these markets.
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