New Colombia Rule Requires Crypto Exchanges and Users to Report Cryptocurrency Transactions

time:2022-02-07 05:30 source:Internet

On February 7, the Colombian government issued new regulations that compel exchanges and individuals to report cryptocurrency transactions to the Colombian Anti-Money Laundering Authority (UIAF). Transactions must be reported through an online reporting system, and exchanges are required to regularly issue user suspicious transaction reports. Resolution 314 mandates that cryptocurrency transactions over $150, or using multiple tokens valued over $450, must be reported to UIAF. The new rules, which will go into effect on April 1, are aimed at tightening controls on the country’s cryptocurrency assets and deterring money laundering and terrorist financing that could be exploited.

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