This is how the Superfinanciera’s crypto deposit operations pilot fared

The Colombian Financial Superintendence (SFC) reported the completion of the pilot that was taking place in LaArenera and that allowed to carry out Cash-in (deposits) and cash-out (withdrawals) operations through financial products of deposit in pesos in the name of crypto-asset exchange platforms (exchanges).

In this pilot, which ended on June 13, seven alliances operated, each of them made up of an entity supervised by the SFC (credit institutions and Companies Specialized in Electronic Deposits and Payments) and a cryptoasset exchange platform established in the country.

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The data collected during this pilot project provided information “essential” Over the risks that both consumers and entities supervised by the SFC face when interacting and linking cryptoasset exchange platforms in the financial system.

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During the development of the pilot, it was observed that the cryptoasset exchange platforms implemented a Sarlaft and tools that facilitated the process of knowing and monitoring clients, as well as transactions with virtual assets, all of this, in compliance with the international standards and guidelines that have been issued on the matter, in particular by the FATF.

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Additionally, the participating cryptoasset exchange platforms were able to develop the necessary tools to properly implement and manage a Operational and Cybersecurity Risk Management Systemaligned with that established by the SFC in its Basic Accounting and Financial Circular, guaranteeing the safe execution of purchase and sale operations on the virtual asset platform.

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The alliances that began to operate also developed a model of Consumer Service System and a clear and robust information disclosure mechanism with which consumers were informed about the responsibilities of each member of the alliance, supervised entity and the cryptoasset exchange platform, as well as the risks inherent in carrying out operations with this type of assets.

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