The Superintendency of Companies in Colombia has defined in an official word that corporations within the nation are legally allowed to purchase cryptocurrencies, particularly bitcoin (BTC), to inject capital so long as they abide by native rules.
Colombian Watchdog: Native Companies Can Use Capital to Purchase Bitcoin if Firms Exhibit Tokens Are ‘Intangible Property’
Based on the publication, the Colombian watchdog identified that though crypto belongings utilization within the monetary sectors is “nonetheless” not regulated, there are not any authorized prohibits to inject capital through bitcoin (BTC) – the one crypto asset talked about within the doc.
Nevertheless, they clarified the tokens ought to meet the factors of “intangible belongings,” based on the definition granted by the nation’s tax watchdog to cryptocurrencies, Directorate of Nationwide Taxes and Customs (DIAN), which reads as follows:
From the patrimonial standpoint, as these currencies correspond to intangible belongings, able to being valued, they kind a part of the patrimony and may result in the acquiring of a (presumptive) earnings. Based on the above, it may be concluded that digital currencies are usually not cash for authorized functions. Nevertheless, within the context of mining exercise, insofar as they’re obtained in trade for providers and/or commissions, they correspond to earnings and, in any case, to items that may be valued and generate earnings for individuals who receive them as from be a part of your patrimony and take impact in tax issues.
However the superintendency nonetheless warns Colombian corporations who deal with cryptos similar to bitcoin ought to pay attention to the “excessive dangers” that it carries and “the dearth of native of regulation that surrounds it.”
Firms Are Not Below Particular Laws When Changing Capital to Bitcoin
Furthermore, the watchdog calls corporations to abide by the ideas of fine religion and loyalty with their companies once they take care of cryptocurrencies. They’re nonetheless legally liable within the case that crypto’s worth suffers sudden worth depreciation.
In truth, the Superintendency of Company reminds native corporations that changing capital to bitcoin doesn’t grant them particular rules.
Within the doc, the Colombian entity talked about the approval of a pilot program by the nation’s authorities on September 22, 2020, that calls corporations to check crypto transactions inside the context of a regulatory sandbox authorised by the superintendence.
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