On February 25, 2025, the bill titled “By which Virtual Asset Service Providers (VASPs) are regulated and other provisions are established” (the “Bill”) was submitted to the House of Representatives.

The aim of the Bill is to promote the adoption of blockchain technology and its main applications, regulate Virtual Asset Service Providers (VASPs) to boost the industry and encourage its adoption, reinforce international best practices in the fight against money laundering, promote technological innovation, and foster public-private collaboration.

To promote blockchain technology, the Ministry of Information and Communications Technologies (MinTic) will develop strategies for the adoption and training in blockchain and DLT, while SENA, together with the Secretariats of Education, will incorporate blockchain training programs. The National Government and territorial entities will also support the development of the technology through the identification and implementation of use cases, and municipalities may create territorial funds for its development and implementation.

The Bill defines VASPs as any legal or natural person, national or foreign, that offers Virtual Asset Services Habitually and Professionally within the national territory. These services include the custody and administration of virtual assets, the management of exchange platforms, the exchange of virtual assets for legal tender or other virtual assets, advisory services on virtual assets, and portfolio management, among others.

The Bill creates a Virtual Asset Service Providers Registry, managed by the Superintendency of Companies, where Obligated VASPs must register and provide information about their existence, identification, locations, activities, and communication channels. Additionally, they must adopt control measures according to UIAF recommendations, report information, and have data protection policies, among other requirements.

Finally, Obligated VASPs must inform their users about the risks associated with their services and virtual assets and provide educational resources on their basic principles and risks. They are also required to implement a self-control and risk management system for money laundering, terrorism financing, and the proliferation of weapons of mass destruction. The bill also regulates the insolvency and tax regime of VASPs and allows entities supervised by the Financial Superintendency and the Solidarity Economy Superintendency to grant access to their services and products to VASPs.