Recently, Chilean lawmakers enacted a FinTech law governing virtual currencies, putting the nation at the forefront of Latin American legislation pertaining to digital assets. This is accurate even if Chile’s adoption of cryptocurrencycurrencies is lower than that of other countries in the region with weaker economies and hence higher adoption rates of bitcoin.
The new rule, according to Felipe Godoy, a partner in a law company that specializes in bitcoin, offers “a legal certainty” for the cryptocurrencycurrency market in Chile. Because of this, he thinks the legal framework will provide a more structured and expansive market that both domestic and foreign businesses will be able to access.
Cristóbal Pereira, CEO of Chile’s Colledge, a Web3 learning platform, agrees with Godoy, saying that:
“It’s advantageous since it will enable a more profound market to emerge, drawing in both domestic and foreign players.”
Conversely, there hasn’t been universal acceptance of the new code of behavior. The CEO of Sugar Block, Sebastian Saá, expressed concern that because this industry is so new, the regulatory organizations may not fully understand the complex laws.
Chile has the ability to become a regional leader in terms of regulations, even though it may not be the epicenter for cryptocurrencycurrency use right now.
With the first organizations to register for cryptocurrencycurrency under the new law finishing on this day, February 2025 will be remembered as a historic month. The assessment of industrial growth in the general sector and the efficacy of such laws will be more accurate due to this overhead.