In line with a recent report ‘published‘, Felipe Larraín – The minister of finance of the Chilean govt. has declared the introduction of a new regulatory bill for ‘cryptocurrencies‘ and fintech to Congress.
Within his recent stay in the U.S., Larraín reportedly outlined that the requirements introduced by the new regulation are proportional to businesses. He explained that the rules will be taken into consideration that comply with different business models, and deliver different services and thereby imply different risks for the users as well as the financial market.
Native media outlet named ‘Ahora Noticias’ reported that the flexibility is among the foremost vital aspects of the bill, since the pace of technological progress is so great. As per the report, Chile is home to a growing variety of cryptocurrency exchanges that are presently not regulated. Additionally, Larrain conjointly reportedly warned the general public regarding the risks involved while investing in these kinds of investments.
While explaining further, he added:
“Regulations of these platforms would mitigate the risks to some extents, like ML [Money Laundering] and terrorist funding, thereby increasing the legal certainty with which they operate. We would like to adequately shield against the risks related to this sort of activities.”
As ‘reported‘ earlier, the financial institution of Chile expressed the thought that cryptocurrencies are unable to substitute the traditional money.