Colombia is pushing for the legal recognition and regulation of the cryptocurrency industry through the introduction of a new bill to the Colombian Congress. The bill aims to establish clear rules for Virtual Asset Service Providers (VASPs) and their relationships with other economic institutions. The project has the support of Senator Gustavo Moreno and Representative Julian Lopez, who believe that the current regulatory gray area hinders industry growth and poses risks for users. The bill introduces requirements and rules for VASPs, including registration to increase trust and reduce fraud risks. To avoid banking problems faced by VASPs in Chile, the bill allows traditional banks to offer services to VASPs if they comply with due diligence measures. The bill also proposes the establishment of "territorial funds" and programs to train students in bitcoin technology. If passed, the bill would bring Colombia in line with El Salvador and Brazil in terms of cryptocurrency regulations.



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