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The Resolution on Crypto Transaction Reporting has been postponed by the Colombian Money Laundering Watchdog

The UIAF, the Colombian authority that monitors and detects money laundering and terrorism financing, has postponed a resolution requiring exchanges and people to report some bitcoin transactions. Instead of receiving these reports on April 1, the Colombian unit will begin receiving them on June 1.

The document does not specify the exact grounds for the delay, but the new resolution that sets the postponement does.

“In order to ensure that the submission of reports to the UIAF is complete and meets the information needs of the entity,”
“the need to extend the reporting start date was considered.”

The new resolution also indicates that organizations that have previously submitted their reports can still do so voluntarily, but that there would be no consequences if they are not received by June 1st. This will allow the organization more time to adapt to the rule, which was adopted in December 2021 with Resolution 314, while it collects feedback from various organizations on the subject.

The UIAF recognized the necessity for oversight of cryptocurrency transactions in Resolution 314, which mandates that established subjects report single transactions worth more than $150 or groups of transactions worth more than $450. The Colombian organization declared as follows for this purpose:

“Virtual assets have created a situation that merits the intervention of the UIAF,”
” to the extent that, although they are operations that in Colombia are not illegal by themselves,”
” they can lend themselves to illicit activities, due to the anonymity or pseudonymity in the transactions,”
“the absence of support from the central bank and the non-recognition as an instrument that has liberating power.”

Several crypto-related figures in the country, however, have slammed the decision, citing the massive amount of data that will have to be handed to the organization as a major concern. Alejandro Beltran, the Colombian country manager for Buda.com, is one of them, saying:

“Reporting from USD $150 would contemplate a large volume of transactions,”
” and the other associated data goes far beyond even the information that the”
“exchanges themselves can handle about the operations.”

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