Colombia Tightens Their Crypto Oversight Rules for Exchanges

Colombia has taken a bold step in directing the use of crypto and its economy within the country. According to the details, the national tax authority, also known as the ‘Dirección de Impuestos y Aduanas Nacionales’ (DIAN), has rolled out a mandatory and wide report regime for all crypto service providers operating within or connected to the country.

This new framework seeks to create a major shift in how Colombia intends to monitor tax and also share information on digital assets-related activities so as to align itself more closely with global standards for operating cryptocurrency and also for creating financial transparency and cross-border cooperation.

Resolution 000240 Aligns Colombia With Global Crypto Standard

The new regulatory requirements are formally established under Resolution 000240 and were issued on the 24th of December. Under this new system, there would be an introduction of a structured crypto-asset reporting system that mirrors international standards developed by the Organisation for Economic Co-operation and Development (OECD).

Also, they plan to adopt the global standards of the Crypto-Asset Reporting Framework (CARF), a global standard that was designed to close tax reporting gaps in the cryptocurrency market.

Additionally, under the new resolution, digital exchanges, their custodians, brokers, and other intermediaries would be obligated to collect, verify, and submit detailed information on users. This information would be classified as “reportable,” and it would contain a comprehensive transaction record that gives the DIAN a closer view of crypto flows within and across borders.

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Another major highlight that makes up the elements of this new regime is the automatic information exchange with foreign tax authorities. That is, Columbia plans to share digital assets-related tax data with other jurisdictions that have successfully adopted CARF or similar frameworks.

In all, this move would significantly reduce the amount of anonymity that lies within cross-border digital aasets transactions, and it would strengthen the global efforts to combat individuals’ tax evasion, money laundering, or the flow of illicit and finally unregulated arbitrage.

For international platforms serving Colombian users, the resolution raises their compliance bar and would require them to be clear on both their domestic and international data-sharing obligations.

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