The Colombian tax authority, called the DIAN, has announced that its next target is cryptocurrency-utilizing tax evaders. According to a PR statement released on January 28, the institution stated that it was undertaking a series of measures to tighten controls on taxpayers using cryptocurrencies for transacting or trading purposes. While these actions have not been specifically disclosed, the measures gain more clarity about the movement of cryptocurrency users and traders in the country.
New regulations would be part of anti-money laundering and terrorism financing.
The Colombian tax authority stated, “These actions seek to establish a tax control for omitted or inaccurate taxpayers who in the Income and Complementary Tax did not record the income obtained from operations with cryptocurrencies or recorded them inaccurately.” The organization further explained this is part of the Colombian state’s anti-money laundering and terrorism financing policies. For this objective, the institution also announced that an agreement signed between Colombia and Finland would be key, allowing the free trade of information between the institutions of both countries.
Cryptocurrency adoption in Colombia has been steadily growing.
The presence of cryptocurrencies in Colombia has been steadily growing, though the adoption is still small compared with other countries on the continent — like Venezuela or Argentina. However, there have been attempts to integrate crypto into traditional finance to ease the introduction of new assets into the ecosystem. One project, called the crypto sandbox, allowed exchanges to work in tandem with banks, allowing cryptocurrency users to make crypto purchases with direct support from banking institutions. Also, Colombia ranks second in Latam for the highest number of cryptocurrency ATMs, just behind El Salvador, which raised its numbers due to the establishment of Chivo wallet ATMs.
