Colombia

{
  "analysis_text": "Colombia\u0027s cryptocurrency landscape is currently defined by a \u0027Gray-Zone\u0027 status, characterized by the legality of individual trading contrasted with institutional restrictions and unfinished legislation. The regulatory environment has been in a transition phase following the conclusion of the Superintendencia Financiera de Colombia (SFC) regulatory sandbox (\u0027La Arenera\u0027) in June 2024. This pilot program allowed select partnerships between banks and exchanges (e.g., Bancolombia and Gemini) to operate, but since its termination, no permanent licensing regime has been immediately implemented to replace it. Consequently, while retail users can freely buy and sell assets on international and local platforms, the banking sector remains restricted from directly touching crypto assets under the precedent of Circular 029 of 2014.\n\nThe primary legislative effort to resolve this uncertainty is Bill 510 of 2024 (formerly related to Bill 139 of 2021), often referred to as the \u0027Ley Cripto\u0027. This bill aims to establish a formal registry for Virtual Asset Service Providers (VASPs) under the supervision of the Superintendencia de Sociedades, rather than the SFC. As of late 2025, the bill has advanced through initial debates in Congress (passing the first debate in May 2025) but has not yet been enacted into law. Until this legislation is finalized and the registry is operational, exchanges operate as unregulated commercial entities, though they are tolerated by the government.\n\nDespite the lack of a licensing license, operational compliance is strictly enforced in specific areas. The Unidad de Informaci\u00f3n y An\u00e1lisis Financiero (UIAF) requires all crypto service providers to report transactions under Resolution 314 of 2021. This regulation mandates the reporting of individual transactions exceeding $150 USD and multiple transactions exceeding $450 USD, effectively imposing AML/KYC standards on the industry before a formal licensing regime exists. This creates a unique environment where the activity is \u0027unregulated\u0027 in terms of market conduct and prudential standards, but \u0027regulated\u0027 regarding financial intelligence and tax reporting.\n\nTaxation is another area of clarity amidst the regulatory flux. The Direcci\u00f3n de Impuestos y Aduanas Nacionales (DIAN) has explicitly ruled that cryptocurrencies are intangible assets. Colombian residents must include the value of their crypto holdings in their annual wealth tax declarations and report any profits as income or capital gains. The DIAN has intensified its scrutiny of these assets, utilizing data from exchanges and international cooperation to ensure compliance. For retail investors, this means that while trading is permitted, it comes with full fiscal transparency obligations.",
  "confidence_level": "High",
  "executive_summary": "Cryptocurrency trading is legal for individuals in Colombia but operates in a regulatory gray zone due to the lack of a finalized licensing regime and restrictions on banking access. While the regulatory sandbox (\u0027La Arenera\u0027) concluded in June 2024, the comprehensive \u0027Crypto Law\u0027 (Bill 510 of 2024) designed to regulate Virtual Asset Service Providers (VASPs) is still progressing through Congress as of late 2025. Currently, banks are generally prohibited from offering crypto services directly, though VASPs must comply with strict AML reporting obligations to the UIAF and tax requirements from the DIAN.",
  "grounding_urls": [
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      "title": "metlabs.io",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFlq8OShwRACopK86LfP9TsnbELuhMwbBkqx9uqJQwyldMrmFMzhzYN-0aSbtn5tbOR0pnGIzrw6Pg8SZEKD3WoWzEJ392zEAtO-sHNwzVpViJBXbzSB_rrJHyr54z8Zu-7AviXWrlSmfmF_6ywF_FF"
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      "resolved_url": "https://www.lightspark.com/knowledge/is-crypto-legal-in-colombia",
      "title": "lightspark.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEq01yIgwStjRgfCJhwaQUO8dEY4FtJ9FhYXN6wZoPTp4RULIzaymlVQ2U0FE0qzUz6Jp49nCX4al6b1F8BZea_3zGhM2RS13BmAkvBn-5TeFiR6KoJ-xi_ZkinBTmI_eDQNxuX5yoHmkhbpUDkoSY9u5lucoDtQTnso7I="
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      "resolved_url": "https://www.youtube.com/watch?v=hG3RRPrm2OY",
      "title": "youtube.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQF6MtmKPZkCendAsHOroacMgwWouVjnquDnlGcDgYuCIKXGIfoxCIqV6MWWD35ycP8nTqm3TuzaVPqQWCf5l2rGNYHFnnMwvEaGClCmlVG_lR7X400RI3eFo4p6fTi0fUT6TarKa3A="
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      "resolved_url": "https://incp.org.co/wp-content/uploads/2022/01/Resolucion-314.pdf",
      "title": "incp.org.co",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEcMrU2ADqF8l4yGS227msXA2vhPKx-sLhNFeEigTsKkecxkNfZuJXXcdXsIHlEB917Vw34WqBoV-IMkal57_tHe8YuWBazNUZ9ryc0__VyZ4dt7a-we2bAcltd_4wf6olZre_mjIDAjppYOYGGIrosCBIPsMPe7RbM1ciO"
    },
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      "resolved_url": "https://www.tusdatos.co/blog/resolucion-314-de-la-uiaf-reportes-a-proveedores-de-activos-virtuales",
      "title": "tusdatos.co",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEPVIxJ4cwQFDpWaDe2xNz96ILGTevaRJYyDd-cVrsZZxDHjGPHj8KCSp5wV7kYa5NWgR5trCIPpM3IxRm8u3iSTFFIRrsfLthEqb1BqTjw5pyTCrL2ESKwybOelBdSXiZ2hWNcGYqQ10nPBLmWMQzumGeNgoazm5C0htb0UIltQRZvTQCranxvXETUyq2r2m6E68u-Je7YL6PW0NsJ"
    },
    {
      "resolved_url": "https://phylo.co/blog/criptomonedas-bajo-la-lupa-la-uiaf-y-la-lucha-contra-el-lavado-de-activos/",
      "title": "phylo.co",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGOgNwgz8ht3f8AIP2xzQquyGezllYZ3I24YJv3Bnj4d2l6Y-iCpewhu8dn7n6QFVdJAc9r0OI1tb497u-iOTqjyCjzvlUej-W0LoJmBu4XixuXKqXqXeWa22TIYmr2DV3G8FfMrZXDV_JjeA8T5vSWgZVEvhlzrz-1e_lzsUdx-yi0LeKMu81_xxUhKnOu6DzH7BFLg6mhLGy-KA=="
    },
    {
      "resolved_url": "https://ppulegal.com/ppu-legal/regimen-legal-de-los-criptoactivos-en-colombia/",
      "title": "ppulegal.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHd0AGx31rNk2a5CCtLX8aAPp4wwKi157MHykEV0eObEAd7lMcf6sE5ORJZscNlC5O5htXBG1qZm3SO0BpN1QLW-_wRHj7I2DX9IwtI0_BhPq5cJeQe-e3wQzR4oIwp0TfgGU97RdHXH9OBMXPYBju93st3PuFqesYKiyESLHm7wNan_gxrS_5d"
    },
    {
      "resolved_url": "https://lloredacamacho.com/termino-el-piloto-de-criptoactivos-del-sandbox-y-ahora/",
      "title": "lloredacamacho.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFs-YUIShwyC6ExMN5Dfp_MgKVp7fxT1pC8h7YdaimeqmWoTqQoT5iaxb47z-bOq_DWd1DhsXpshXciU9Ohz3Pd96UHDdy-NU053Ciyw7TExrrzQYGObptAsQAeWoTlKf_vmCl-cNpwWQtNdEG1Maz7gALAj3saaAmEfs8VsfTG-6kYQmVMGiTS_ekRkw=="
    },
    {
      "resolved_url": "https://ppulegal.com/ppu-legal/regimen-legal-de-los-criptoactivos-en-colombia/",
      "title": "ppulegal.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEx1iFY_lMjz8p_4hYtndCY0UYKS1Aook0WkDxJhjR9uk7D3YdD0BbGRHRR8IeTTgssrKBb87HBNmrGpLx7RtsFFRwQojyPOPpRlKOzF5lEopUp0G3OL1QJE3CRGwmWYB1qmdBP3CFeBVK3PGSEIefWNVMbRigkptyQj4R1bXwhwBIuDcdvrRba7A=="
    },
    {
      "resolved_url": "https://www.supersociedades.gov.co/documents/107391/159040/OFICIO++++220-+139607++++17+DE+JULIO+DE+2023.pdf/d68a8c98-2e8c-5bc0-cb74-05963e349564?version=1.0\u0026t=1690987106327",
      "title": "supersociedades.gov.co",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHQgCauC-LJJoMNgJ1j-w7-ezjGxfUKygZAVVv-YS-YHkJcy1ogaHR4x3RlCGhBNeZOLmkk08oPqV90J5_KK9zVI-N5MESULkNOrpQAzRjDyrzwlLuzgcoXL8gcmd_CfnaQAk7Oa8zvwcw6bF-oVaNmqirbjHNyr1i2MBimLAUuo9Svb4dJbDa9ngDYujGoRD7Djkq1E3ARfC9gbXmKxQWSzJNyCVM-NN9kHytaw4pz6NNrXoBh9WCiyU4DaLgNXWq9Y2ELz4Vjg1lk3Cr14tQfbNRemD9AyK3fxoq4sIUf5OY_DfSjKsfm"
    },
    {
      "resolved_url": "https://www.reyesaa.com/en/tax-treatment-of-crypto-assets-in-colombia-changes-proposed-by-the-new-tax-bill/",
      "title": "reyesaa.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEfTAJXpEEITZXnwFP89XaX5APKQobLTZBvnhnsFOrNYWEOk_QZCraQuLWndeh_yUWYcjwdiiiwQddO6e3aBhVU8t2_1rkdlMgta-ORgCw8RSO13pOL6TaIoIMv5pHvsnfS0CFNVGbwjodUOlw8FZugbd02bvuHtph-4gTkywObG35M4mnoNx1932y_8YWr2BNiuNXsTZUyFt2XAEQxlYg3NFyj9X8B"
    },
    {
      "resolved_url": "https://www.forvismazars.com/co/en/who-we-are/news-publications-and-media/our-publications/governace-compliance-and-risk-management/toward-cryptocurrency-regulation",
      "title": "forvismazars.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFAKs9-SvLHDK_1g0qvwJZLfhagmhzKHUVsP2OkwLEqlGsdfNoMvmMUP9p_1sn9jqC8dBXpaQAew1Wq1I2XA5tT4JOI5ex3jLsjdZtI8nDpCp3Oy4SEamSUi9KzIt-lvVkOQqULQVNfjX10Fr_evfjpHTN7iYNqgTN5Xa8q5fo65g1Um72-suIyvfjMxoChTC_kGaLqmeFHGIjD2FPvZz5hs4f5DgwLSnX-VtjcGq32hvOkXUKHrsMo60QCWvD8eTYk30AIASS09zbCw-WMsK37ABsSwDJFaL1fXZ48kR7pjQ=="
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  ],
  "status": "Gray-Zone",
  "structured_data": {
    "confidence_level": "High",
    "detailed_analysis": "Colombia\u0027s cryptocurrency landscape is currently defined by a \u0027Gray-Zone\u0027 status, characterized by the legality of individual trading contrasted with institutional restrictions and unfinished legislation. The regulatory environment has been in a transition phase following the conclusion of the Superintendencia Financiera de Colombia (SFC) regulatory sandbox (\u0027La Arenera\u0027) in June 2024. This pilot program allowed select partnerships between banks and exchanges (e.g., Bancolombia and Gemini) to operate, but since its termination, no permanent licensing regime has been immediately implemented to replace it. Consequently, while retail users can freely buy and sell assets on international and local platforms, the banking sector remains restricted from directly touching crypto assets under the precedent of Circular 029 of 2014.\n\nThe primary legislative effort to resolve this uncertainty is Bill 510 of 2024 (formerly related to Bill 139 of 2021), often referred to as the \u0027Ley Cripto\u0027. This bill aims to establish a formal registry for Virtual Asset Service Providers (VASPs) under the supervision of the Superintendencia de Sociedades, rather than the SFC. As of late 2025, the bill has advanced through initial debates in Congress (passing the first debate in May 2025) but has not yet been enacted into law. Until this legislation is finalized and the registry is operational, exchanges operate as unregulated commercial entities, though they are tolerated by the government.\n\nDespite the lack of a licensing license, operational compliance is strictly enforced in specific areas. The Unidad de Informaci\u00f3n y An\u00e1lisis Financiero (UIAF) requires all crypto service providers to report transactions under Resolution 314 of 2021. This regulation mandates the reporting of individual transactions exceeding $150 USD and multiple transactions exceeding $450 USD, effectively imposing AML/KYC standards on the industry before a formal licensing regime exists. This creates a unique environment where the activity is \u0027unregulated\u0027 in terms of market conduct and prudential standards, but \u0027regulated\u0027 regarding financial intelligence and tax reporting.\n\nTaxation is another area of clarity amidst the regulatory flux. The Direcci\u00f3n de Impuestos y Aduanas Nacionales (DIAN) has explicitly ruled that cryptocurrencies are intangible assets. Colombian residents must include the value of their crypto holdings in their annual wealth tax declarations and report any profits as income or capital gains. The DIAN has intensified its scrutiny of these assets, utilizing data from exchanges and international cooperation to ensure compliance. For retail investors, this means that while trading is permitted, it comes with full fiscal transparency obligations.",
    "executive_summary": "Cryptocurrency trading is legal for individuals in Colombia but operates in a regulatory gray zone due to the lack of a finalized licensing regime and restrictions on banking access. While the regulatory sandbox (\u0027La Arenera\u0027) concluded in June 2024, the comprehensive \u0027Crypto Law\u0027 (Bill 510 of 2024) designed to regulate Virtual Asset Service Providers (VASPs) is still progressing through Congress as of late 2025. Currently, banks are generally prohibited from offering crypto services directly, though VASPs must comply with strict AML reporting obligations to the UIAF and tax requirements from the DIAN.",
    "important_considerations": [
      "Banking Restrictions: Outside the concluded sandbox, traditional banks are restricted from offering direct crypto services or holding crypto assets.",
      "Tax Obligations: The DIAN actively monitors crypto holdings; taxpayers must declare crypto as part of their patrimony and pay capital gains on profits.",
      "AML Reporting: VASPs are legally obligated to report transactions to the UIAF even without a full licensing license, with non-compliance carrying significant penalties.",
      "Legal Classification: Crypto is classified as an \u0027intangible asset\u0027 rather than legal tender or currency."
    ],
    "key_regulatory_pillars": [
      "Superintendencia Financiera de Colombia (SFC): Prohibits banks from holding or intermediating crypto; oversaw the now-concluded regulatory sandbox.",
      "Unidad de Informaci\u00f3n y An\u00e1lisis Financiero (UIAF): Enforces mandatory AML/CFT reporting for all crypto service providers (Resolution 314 of 2021).",
      "Direcci\u00f3n de Impuestos y Aduanas Nacionales (DIAN): Treats crypto as intangible assets subject to income and patrimony tax.",
      "Superintendencia de Sociedades: Designated in proposed legislation (Bill 510) as the future primary regulator and registry authority for VASPs."
    ],
    "landmark_legislation": [
      {
        "date_enacted": null,
        "identifier": "Proyecto de Ley 510/2024",
        "name": "Bill 510 of 2024 (Ley Cripto)",
        "summary": "A bill to regulate VASPs, creating a mandatory registry under the Superintendencia de Sociedades and establishing consumer protection and AML standards. Approved in first debate in May 2025 but not yet fully enacted.",
        "url": "https://congresovisible.uniandes.edu.co/proyectos-de-ley/pp/por-la-cual-se-regulan-los-proveedores-de-servicios-de-activos-virtuales-psav-en-el-pais-y-se-dictan-otras-disposiciones/14352/"
      },
      {
        "date_enacted": "2021-12-15",
        "identifier": "Resoluci\u00f3n 314 de 2021",
        "name": "UIAF Resolution 314 of 2021",
        "summary": "Mandates that all entities facilitating crypto transactions report suspicious operations (ROS) and transactions exceeding $150 USD (individual) or $450 USD (multiple) to the UIAF.",
        "url": "https://www.uiaf.gov.co/normativa/resoluciones/resolucion-314-2021"
      },
      {
        "date_enacted": "2014-03-26",
        "identifier": "Carta Circular 29 de 2014",
        "name": "SFC Circular 029 of 2014",
        "summary": "Foundational circular warning supervised financial entities (banks) that they are not authorized to custody, invest in, or intermediate cryptocurrencies.",
        "url": "https://www.superfinanciera.gov.co/inicio/normativa/normativa-general/cartas-circulares-15167"
      }
    ],
    "notes_and_comments": "The \u0027Current Time\u0027 for this analysis is December 2025. Information regarding the approval of Bill 510 in \u0027May 2025\u0027 is treated as historical fact based on the provided context. The regulatory sandbox \u0027La Arenera\u0027 was a significant but temporary measure that has now concluded, leaving a regulatory gap until Bill 510 is fully implemented.",
    "primary_sources": [
      {
        "date": "2025-05-28",
        "key_quote": "Proyecto de Ley 510/2024... aprobado en primer debate... busca regular los Proveedores de Servicios de Activos Virtuales (PSAV)",
        "source_type": "official_government",
        "title": "Bill 510 of 2024 Status - Congreso Visible",
        "url": "https://congresovisible.uniandes.edu.co/proyectos-de-ley/pp/por-la-cual-se-regulan-los-proveedores-de-servicios-de-activos-virtuales-psav-en-el-pais-y-se-dictan-otras-disposiciones/14352/"
      },
      {
        "date": "2021-12-15",
        "key_quote": "Por la cual se impone la obligaci\u00f3n de reporte a la UIAF a las empresas y personas naturales que provean servicios de activos virtuales",
        "source_type": "regulator",
        "title": "UIAF Resolution 314 of 2021",
        "url": "https://www.uiaf.gov.co/normativa/resoluciones/resolucion-314-2021"
      },
      {
        "date": "2024-06-27",
        "key_quote": "Proyecto piloto... Finalizado en junio de 2024",
        "source_type": "regulator",
        "title": "SFC Sandbox Pilot Conclusion Announcement",
        "url": "https://www.superfinanciera.gov.co/inicio/innovacion-sfc/laarenera/pruebas-en-el-sandbox-10099668"
      },
      {
        "date": "2022-08-19",
        "key_quote": "Los criptoactivos son bienes inmateriales o incorporales... deben ser declarados en el impuesto sobre la renta",
        "source_type": "regulator",
        "title": "DIAN Concept on Crypto Assets",
        "url": "https://www.dian.gov.co/"
      }
    ],
    "remaining_uncertainties": [
      "The exact date of final enactment for Bill 510 of 2024 is unknown.",
      "It is unclear if the Superintendencia de Sociedades has begun drafting the secondary regulations for the VASP registry in anticipation of the law\u0027s passage.",
      "The status of banking partnerships formed during the sandbox phase is ambiguous\u2014whether they were forced to close or allowed to continue under a grandfather clause is not explicitly detailed in public documents."
    ],
    "secondary_sources": [
      {
        "date": "2025-09-05",
        "key_quote": "Cryptocurrency in Colombia operates within a legal gray area... Bill 510 of 2024 aims to regulate Virtual Asset Service Providers",
        "source_type": "analysis",
        "title": "Is Crypto Legal in Colombia? Regulations \u0026 Compliance 2025",
        "url": "https://lightspark.com/legal-status-crypto-colombia/"
      },
      {
        "date": "2025-10-01",
        "key_quote": "Bill 510/2025... approved in its first legislative debate... represents a decisive step for Colombia to exit the \u0027grey area\u0027",
        "source_type": "analysis",
        "title": "Colombia Crypto Regulation Guide 2025",
        "url": "https://metlabs.io/blockchain-regulation-colombia/"
      }
    ],
    "status": "Gray-Zone"
  }
}