Since yesterday, natural persons or companies and platforms that provide exchange services or purchase and sale of crypto assets have the obligation to report suspicious operations of illicit activities and from minimum amounts.
(These would be the consequences of not declaring cryptocurrencies in the country).
The Financial Information and Analysis Unit (UIAF) He said that when these providers notice possible money laundering or terrorist financing operations in transactions or activities, they must report it.
The activities of exchanging digital currency to legal (Fiat), the exchange between currencies or digital assets, the custody of digital assets and other services must be reported to the UIAF, and individual transactions greater than the equivalent of US$150 or multiple transactions greater than $450.
(Financial recommendations to alleviate economic nervousness).
The resolution came into force from the moment of its publication, but as of April 1, the reports must be sent in a mandatory manner.
For Juan Manuel López, CEO of MarketXM, a fintech dedicated to technological infrastructure for capital markets, which uses blockchain technology as a bridge between traditional assets and the crypto ecosystem, the standard is “in line with international standards developed by the Financial Action Task Force (FATF), which is the international organization in charge of providing assistance and support to countries in the fight against money laundering”.
López clarified that the reporting obligation does not generate any affectation in the service of the exchange platforms, nor an additional burden for its users. “In fact, it was a measure to which the platforms were already obliged through the SagriLaft, or system of self-control, prevention and risk management against money laundering, financing of terrorism and financing of the proliferation of weapons of mass destruction, of the Superintendency of Companies.
DECLARATION AND CONTROL
According to experts Santiago Vélez and Santiago Pérez, co-founders of Universo Cripto, a cryptocurrency education program, “We must understand our digital assets for what they are: assets.”
The experts recalled that if they do not comply with the order, people “could be subject to sanctions from these institutions and that they take into account that declaring is not always the same as paying. We firmly believe that this economic activity must be carried out within the framework of the law and that this will contribute to the construction of the country”.
They also emphasized that by using centralized exchanges, the transactions that are carried out with the digital assets are related to the name of the person who performs it.
Given the norm, “these institutions are obliged to report these movements, so we cannot take it lightly. If they do not report, they could be affected by future economic or criminal sanctions.”they warned.
And they said that cryptocurrencies are a technology that came to provide facilities to its users, but we must use them responsibly and not forget that freedom comes with responsibility.”
PORTFOLIO
