With about 1,245 operations, through which the first 217.3 million pesos have already been mobilized for purchase and sale of crypto assets, Colombia fully entered this new market, but, unlike other countries, in an environment controlled by the market authorities themselves.
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These cash-in operations (28 for about 96.6 million pesos) and cash-out (964 for a value of 120.8 million) correspond to those of the company specialized in electronic deposits and payments Movii (in alliance with Bitpoint), one of the seven entities that applied to this pilot called by the Financial Supervision earlier this year, through ‘laArenera’ (sandbox), just as EL TIEMPO anticipated at the time.
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These first tests, which will last until the end of this year, are also part of the banks of Bogota, which would start operations this week; Bancolombia and Davivienda; the financial company Coltefinanciera, as well as Sedpes Powi and Coink.
Who is watching?
This pilot seeks to know how dynamic this market can be, the obstacles and its viability, so that in the future anyone in Colombia can do so within a transparent and clear environment for all parties.
Hence entities such as Bank of the Republic, the Superintendency of Companies, the Financial Information and Analysis Unit (Uiaf) and the National Tax and Customs Directorate (Dian), among others, be part of this essay, said Jorge Castaño Gutiérrez, financial superintendent.
He added that the other authorized entities will be incorporated little by little, since they have until December to carry out their tests. Once this stage concludes, the results analysis phase will begin, which will last until March, when there will be a complete evaluation and definitive results on the viability of the mechanism.
Hernando Rubio, founder and president of Movii, noted that: “Being the first to allow deposit and withdrawal operations to exchange accounts has been an immense learning of what our users want and use. We have been experiencing a growing curve of users using cryptos and we have confirmed what we already knew: that people in Colombia are very interested and curious about operations in these digital currencies ”.
The manager also recognized that they are not only in a learning process but also in a constant effort to improve the customer experience to make getting started much easier and with as little friction as possible, especially, to deliver a product that is useful to them in their day-to-day life. “Colombia is a country with a good social acceptance of cryptos that until now had not been known, and this process with ‘laArenera’ will begin to make it visible,” said the manager.
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Those who follow
Chestnut Gutierrez trusts that these operations will begin to gain strength with the entry into the arena of the large banks that applied. In fact, the next entity to take this step, which could be this week, will be the Bank of Bogota with one of his allies, Buddha; while it is expected that the structuring of operations with Bitso They are ready by October, indicated the bank’s directives.
In the Superfinancial They comment that the entity already has the authorization to start with Buda and warn that the banks have been very careful throughout the selection and structuring process of these operations, which is why they have taken their time to start their respective tests.
In fact, in Bancolombia and Davivienda They indicated that they are progressing in these processes and that for now they would not give more details in this regard. “Until we have very proven the processes, we will not talk about it. We work with a team specialized in the subject, but nothing yet to announce ”, they indicated in the Davivienda Bank.
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Referring to this initiative, Óscar Bernal, Vice President of Technology of Banco de Bogotá, He said that one of the motivations that drove them was “to be an active part of the country’s digital transformation, so we consider it valuable to participate in the construction of the possible regulation that would enable operations with crypto assets in the Colombian regulatory framework.”
The entity will participate in this pilot with 5,000 active clients (the maximum allowed) on each of the platforms, Natural persons with a bank account, over 25 years of age, who may carry out operations (cash-in or cash-out) in the deposit product on behalf of the cryptoactive platform for a maximum monthly accumulated amount of 49.9 million pesos .
Banco de Bogotá will participate with 5,000 active clients in each of the platforms, natural persons who will be able to carry out operations for a maximum monthly accumulated amount of $ 49.9 million.
In principle, it was thought that the entry of the entities would be faster, but some have been quite cautious in the selection of the allied platforms with which they will carry out the tests; in fact, some do not finish defining who they will be in ‘laArenera’ with.
“The movements are taking place and we must learn to deal with this whole issue of reputational risk, but it is a process that should have a preliminary evaluation ready in December and in March of next year some conclusions on whether it really opens up so that anyone can do it ”, emphasized Castaño Gutiérrez.
Entities and their allies
The incursion of some financial entities in the country in the business of crypto assets will be carried out by specialized firms in that market in the world, such as Binance, Gemini, Panda, Bitpoint and Benexcoin, among others, as follows:
1. Bank of Bogotá
Will work with Buda and Bitso. The first, founded in 2015 in Santiago de Chile. It operates in Colombia, Peru and Argentina; the second was created in 2014 and operates in Argentina, Brazil and Mexico.
You will start your pilot with Gemini (2014), a cryptocurrency exchange company located in the United States and regulated by the New York State Department of Financial Services. It is considered the first Ether exchange platform and one of the safest.
3. Banco Davivienda and Powi (Sedpe)
They would have as an ally Binance, one of the largest crypto assets exchange platforms in the world, with a presence in more than 40 countries. This alliance is not confirmed yet and there could be changes in the next few days.
Your ally is Obsidiam, company based in Costa Rica. This platform has, according to its directives, a complete cryptocurrency trading ecosystem with high security standards.
5. Coink (Sedpe)
Will work with Banexcoin, platform of Peruvian origin with about three years of operations and monitored by the Superintendency of Banking, Insurance and AFP of Peru.
6. Movii (Sedpe)
His allies are Panda and Bitpoint. The first is a Colombian company that emerged in 2017 for the exchange of cryptocurrencies and has offices in Portugal and Panama. The second, in turn, is one of the largest cryptoactive operators in Latin America and a subsidiary of Remixpoint, Inc., a Japanese business group listed on the Tokyo Stock Exchange and monitored by the authorities of that country.