Toro believes that the time is ripe to pass the legislation. Otherwise, it is predicted that Colombia will lose opportunities for technological innovation, and national and foreign investment. He warns that, should this come to pass, Investors would look to other countries that do have a clear regulatory framework.

“The country cannot continue without regulation [..] we need to guarantee all the actors of the ecosystem a clear floor, with security, that closes the door to black markets and possible fraud,” said the legislator.

He asserted that Colombia cannot afford to “miss the generation of income from the taxes of these companies and enterprises that would be formalized by having a regulation.”

Toro emphasized that, with the cryptocurrency industry, his country would gain more employment, taxation, legal security and protection for investors’ assets.

"Likewise, we guarantee traceability, surveillance, security and market growth,"

he said.

The parliamentarian clarified that the bill does not contradict the regulatory Sandbox promoted by the Financial Superintendency. He noted that both initiatives are critical to the industry and should move forward simultaneously.