Investing.com – The rapid growth of the cryptocurrency industry is forcing governments and regulators around the world to take action to minimize the systemic risks associated with this sector and to protect consumers.
The Chilean Parliament has passed a bill along these lines, which will soon allow FinTech companies to clearly know what their room for maneuver will be in the provision of their services. In recent years, Chile has experienced several disputes between traditional banks and the FinTech sector.
The law will automatically go into effect if President Gabriel Boric does not veto and sign the bill.
Chilean Finance Minister Mario Marcel stressed that this law is an important milestone for the regulation of the cryptocurrency market and the promotion of competition in the field of financial services. He stated thus:
“I want to emphasize that this is a project that is not intended to favor any particular sector. It is intended to encourage competition and to allow institutions different from our traditional banks or traditional financial trade to be made competition while offering more advantageous financial services to the public”.
In Chile, there are also people who do not have a bank account and who, for this reason alone, do not have access to the traditional financial system. In the future, they will have the legal possibility to seek alternatives.
By Marco Oehrl