Chile’s government has prepared a draft law on the regulation of crypto industry

Finance Minister Chile Felipe Larrain reported on the development and transfer to the Parliament to the Parliament on the regulation of the cryptocurrency market and the Finge of the Industry.

One of the distinguishing features of the document is the flexibility of the provisions caused by the rapid pace of technological development. Felipe Larrain noted that new standards will be applied depending on the specificity of the company’s activities, as well as take into account the type of services provided by the platform and risk levels for users and financial market.

Recently, the number of cryptochege is growing rapidly in Chile, whose work no one controls. With the help of the new legislation, the authorities plan to increase the legal certainty in this field, to deal with money laundering and financing terrorism.

Earlier, Felipe Larrain also warned the public about the potential risks associated with investing in cryptocurrency and characteristics of crypto industry.

Although the Central Bank of Chile believes that virtual currencies will not be able to replace Fiat, the International Monetary Fund and the World Bank have already launched private blocks and released their own