In Chile, the regulation of cryptocurrencies has advanced significantly with the enactment of **Law No. 21,521**, known as the **Fintech Law**, published on January 4, 2023. This legislation establishes a legal framework for financial technology companies, including those operating with cryptocurrencies, with the aim of promoting competition and financial inclusion through technological innovation.
**Definition of Cryptocurrencies**
The Fintech Law defines cryptocurrencies as "digital representations of units of value, goods, or services, with the exception of money, whether in national currency or foreign exchange, that can be transferred, stored, or exchanged digitally."
**Technology-Based Financial Services**
The law incorporates new financial services into the regulatory perimeter, including:
- **Alternative Transaction Systems**: Platforms that facilitate the exchange of cryptocurrencies.
- **Intermediation of Financial Instruments**: Activities that mediate the buying and selling of cryptocurrencies.
- **Custody of Financial Instruments**: Services that safeguard cryptocurrencies on behalf of third parties.
These activities are subject to the supervision of the **Commission for the Financial Market (CMF)**, which requires service providers to register in the Financial Services Providers Registry and obtain the corresponding authorization.
**Obligations and Requirements**
Service providers related to cryptocurrencies must comply with various obligations, such as:
- **Information Disclosure**: Provide customers and the general public with clear and transparent information about their operations.
- **Corporate Governance and Risk Management**: Implement appropriate governance structures and risk management policies.
- **Operational Capacity**: Demonstrate that they have the necessary technological and operational infrastructure to provide their services safely and efficiently.
Additionally, they must establish protocols for preventing money laundering and terrorist financing, ensuring the integrity of the financial system.
**Taxation of Cryptocurrencies**
In the tax realm, the **Internal Revenue Service (SII)** has issued rulings stating that profits obtained from the sale of cryptocurrencies constitute an increase in wealth and, therefore, are subject to taxes. Taxpayers must declare these profits in their taxable income and comply with the corresponding tax obligations.
**Future Perspectives**
The effective implementation of the Fintech Law and the adaptation of financial institutions will be crucial for the sustainable development of the cryptocurrency market in Chile. The CMF continues to work on developing complementary regulations to adequately supervise this constantly evolving sector.
In summary, Chile has made significant strides towards regulating cryptocurrencies, establishing a legal framework that promotes financial innovation and protects users while fostering trust in the cryptocurrency market.