Colombia: UIAF postpones until July resolution that requires users to report transactions with cryptocurrencies

By Angel Di Mateo @shadowargel

Resolution 314 in which the UIAF proposes the controversial measure, it will be subject to consultation with experts and members of the community. The project will go to the discussion phase and once a final version has been considered, it must be signed by the executive.

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The Information and Financial Analysis Unit of Colombiabetter known by its acronym as the UIAF, delayed until July 1 the implementation of the controversial measure contemplated in resolution 314, which establishes that people and entities that operate with cryptocurrencies must report all individual operations to the agency with digital currencies that exceed USD $150 (COP 600,000 approx.) or USD $450 (COP 1,800,000 approx.), if there are several.

This was announced by the UIAF in a statement published on April 1, where it indicated that the measure will be subject to citizen consultation for a period that runs from the date until April 6. This popular audit process is carried out in accordance with the provisions of resolution 276 of 2021, which stipulates the following:

In order to guarantee citizen participation, the UIAF Financial Information and Analysis Unit makes its specific regulation projects available to the public so that they can make the comments, suggestions and observations that they consider pertinent… The comments, suggestions and observations that they want to make citizens to the specific regulation projects of the UIAF, will be received through the email oaj@uiaf.gov.co.

On the extension of the period for resolution 314

Regarding the extension of the period for the application of resolution 314, in a draft provided by the UIAF on the corresponding website, the agency reiterates that the measure was taken in accordance with the agency’s powers to mitigate money laundering risks. assets and financing of terrorist acts through the commercialization and use of digital assets. However, the postponement of the decree responds to what is cited in numerals 4 and 5, where it reads:

That article 8 of Resolution 314 of 2021 established that the UIAF could modify the conditions of the reports in the terms, opportunity and conditions that it considered pertinent. That in order to guarantee the effective and efficient compliance of the subjects bound by Resolution 314 of 2021, and in order to ensure that the submission of reports to the UIAF is complete and meets the information needs of the entity, the need to extend the start date of the reports required by Resolution 314 of 2021.

Therefore, the agency indicates that the extension of the application extends initially until July 1 of this yeartentative date from which the reports originally established by the UIAF must be sent, leaving open the possibility that those who have already begun to do the same can continue to carry out said work.

However, the most notable point is in article 3, where it is established:

SANCTIONS FOR BREACH. Failure to send reports to the UIAF within the period established between April 1st and before June 30, 2022, will not entail the imposition of sanctions for non-compliance with this resolution.

consultation period

As this is a draft and the resolution is subject to a consultation period, the UIAF will be receiving through official channels all relevant comments to evaluate the measure in question, so the invitation is to the members of the community and the local crypto ecosystem to submit their proposals to adjust the regulations in the best possible way.

It is worth noting that the UIAF could also hold meetings with entities and organizations that make life in the local crypto space during this period, so this could also be decisive for the readjustment of resolution 314.

In any case, it is important to note that the tentatively proposed periods could be subject to certain changes as determined by the UIAF in accordance with the consultations carried out. Once a final version of the new resolution has been contemplated, the executive is expected to sign and approve the corresponding document.


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With information from the UIAF website

Report by Angel Di Matteo / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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