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The Superintendency of Corporations in Colombia has explained in an official note that companies in the country are legally allowed to buy cryptocurrencies, specifically bitcoin (BTC<\/a>), to inject capital as long as they abide by local regulations.<\/strong><\/p>\n According to the publication<\/a>, the Colombian watchdog pointed out that although crypto assets usage in the financial sectors is \u201cstill\u201d not regulated, there are no legal prohibits to inject capital via bitcoin (BTC<\/a>) \u2013 the only crypto asset mentioned in the document.<\/p>\n However, they clarified the tokens should meet the criteria of \u201cintangible assets,\u201d according to the definition granted<\/a> by the country\u2019s tax watchdog to cryptocurrencies, Directorate of National Taxes and Customs (DIAN), which reads as follows:<\/p>\n From the patrimonial point of view, as these currencies correspond to intangible assets, capable of being valued, they form part of the patrimony and can lead to the obtaining of a (presumptive) income. According to the above, it can be concluded that virtual currencies are not money for legal purposes. However, in the context of mining activity, insofar as they are received in exchange for services and\/or commissions, they correspond to income and, in any case, to goods that can be valued and generate income for those who obtain them as from be part of your patrimony and take effect in tax matters.<\/p>\n<\/blockquote>\n But the superintendency still warns Colombian companies who handle cryptos such as bitcoin should be aware of the \u201chigh risks\u201d that it carries and \u201cthe lack of local of regulation that surrounds it.\u201d<\/p>\n <\/ins> <\/ins> <\/p>\n Moreover, the watchdog calls firms to abide by the principles of good faith and loyalty with their businesses when they deal with cryptocurrencies. They\u2019re still legally liable in the case that crypto\u2019s value suffers sudden value depreciation.<\/p>\n In fact, the Superintendency of Corporation reminds local companies that converting capital to bitcoin doesn\u2019t grant them special regulations.<\/p>\n In the document, the Colombian entity mentioned the approval of a pilot program<\/a> by the country\u2019s government on September 22, 2020, that calls companies to test crypto transactions within the context of a regulatory sandbox approved by the superintendence.<\/p>\n What do you think about the current stance of local Colombian authorities towards cryptos? Let us know in the comments section below.<\/strong><\/em><\/p>\n The post Colombian Financial Watchdog Says Local Firms Can Use Capital to Buy Bitcoin<\/a> appeared first on Bitcoin News<\/a>.<\/p>\nColombian Watchdog: Local Firms Can Use Capital to Buy Bitcoin if Companies Demonstrate Tokens Are \u2018Intangible Assets\u2019<\/h2>\n
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Companies Are Not Under Special Regulations When Converting Capital to Bitcoin<\/h2>\n