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Fintech Bill Approved in Upper House of Chile Still Needs President Approval

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Fintech Bill
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  • Congress Deputy chamber approved the crypto-related bill in Chile. 
  • The bill is still under the President’s table’s supervision, awaiting final approval.   

The deputy chamber of congress in Chile has approved a bill related to the finance sector that seeks clarity for the firms and companies offering digital and cryptocurrency services.    

The bill was approved without any objection against it in the Upper house of  Chile assembly. However, the bill is now under the supervision of Gabriel Boric(President), and for final approval, the bill must be signed by the president.  

The bill includes the surveillance of cryptocurrency exchanges and identifies cryptocurrencies as “a digital representation of the exchange unit of money goods or services.” It also widens the regulatory reach of the Financial Market Commission to include the supervision of cryptocurrency exchanges and cryptocurrency security providers.  

Mario Marcel, the finance minister of Chile, quoted the bill as direct to entice competition in an area that had hitherto been considered part of an unregulated grey area.  

Mario futhure stated that “I would like to emphasise that it is a project that does not seek to favour a particular sector; it seeks to promote competition and allow institutions that are different from our traditional banking or traditional financial retail to compete by providing cheaper financial services to the public, it is a pro-competition project.    

The recent bill related to the finance sector in Chile has received a positive response from several companies and popular authorities functioning in the crypto sector in Chile. Companies and crypto enthusiasts believe the bill will help attract new investment in the country and support and help the firms operating in the sector.  

Moreover, in the past few years, Chile has been a hometown for the legal battle between traditional banks and cryptocurrencies, and the law aims to avoid further disputes. 

Buda crypto is among the largest cryptocurrency exchanges in Chile, and the exchange has been actively working since 2015 in the crypto sector.   

The legal manager of the Buda crypto exchange, Samuel Cansa, noted, “The new regulations provide greater certainty for the growth of this industry, attracting more investment and defining a specific legal framework that did not exist until now.”    

According to Samuel’s opinion, if approved, the bill would help those who do not have access to the traditional financial system gain access to the financial instruments provided by these fintech and alternative finance companies.

Earlier in August 2021, announced that it would opt for hard security measures to protect its users from scams and fraud. And later, Buda crypto added selfie verification for users to withdraw their BTC.      

The reason behind the upgradation of security is believed to be an increase in Phishing activities and several other unwanted frauds. 

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