PARLATINO

On the last days of October, the Committee on Citizen Security of the Latin American and Caribbean Parliament (Parlatino in Spanish) met virtually to work on a resolution to regulate the handling of cryptocurrencies in the region. The aim of the organization is to achieve a unified regulation to protect both the clients and users of these financial products and the States. The text must be passed by the committee and will be available once they endorse it. It should be noted that although the laws, resolutions and other documents passed by Parlatino are not binding for the countries that are part of the organization, the documents are used by legislators as a basis for drafting bills in each of the countries.

In line with the information above, the proposal also indicates that those countries that issue regulations regarding crypto-assets must follow international standards on the matter, especially those of the Financial Action Task Force (FATF) and other specialized institutions, in order to achieve greater control over crypto-assets.

The president of the committee and senator of Argentina, Juan Mario Pais (FdT – ruling party), after explaining how Blockchain works as a method to record digital data, said that with this proposal it is expected that the Parlatino will promote measures in this area to contribute to “a safer trade and avoid damages that affect the economy of the countries”.