The Colombian Congress has been decided to regulate the operations of cryptocurrency exchanges in the country and recently it has approved the bill taking the first step to clarify the burning issue.
According to Mauricio Toro, one of the makers of the bill, users need this bill for their security in the crypto world and also to protect them from Ponzi Scheme.
During this time, many countries are realizing the prosperity of crypto and the influence of crypto-related business in the digital world. Columbia is one of those countries. The concerned government is trying to regulate and maintain the proceedings of the cryptocurrency exchanges and firms acting in the country.
Toro said that the cryptocurrency business is legal and has a multi-million dollar future. Hence, the country needs to move forward to regulate the business so that job opportunities are created. And also it has to be ensured that the Columbians can buy their assets safely.
Though Toro is very optimistic about the bill, it needs to go long way to clear the 3 more steps in the future to be presented as a law. If it is approved in the current state, the crypto exchanges in the country will have to register to offer their services and should disclose the benefits and flaws of the platforms.