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Central America remains to be one of the largest crypto hubs globally. Many countries in the region have formulated some friendly crypto regulations, and the latest addition to this growing list is Columbia.
Bancolombia, the largest bank in the country, will team up with Gemini to allow Columbians to offer cryptocurrency services.
Bancolombia to support crypto trading
According to a blog post by Gemini, the exchange will be working together with Bancolombia to offer the bank’s customers a seamless way of transacting in different cryptocurrencies such as Bitcoin (BTC/USD), Ethereum (ETH/USD), Litecoin (LTC/USD) and Bitcoin Cash (BCH/USD).
The launch of these crypto services is expected to commence on December 14, where an initial cohort of customers will be able to transact crypto with their bank accounts.
“Our partnership is part of a one-year pilot program run by Columbia’s financial regulator, the Superintendencia Financiera de Colombia (SFC), and will offer users seamless and secure access to crypto,” the blog post read.
In the announcement, Gemini recognized the rapid growth of crypto adoption in Latin America. The exchange noted that this partnership with Bancolombia would increase the presence of the exchange in the Latin American market.
“We look forward to working closely with the Colombian crypto ecosystem and to supporting crypto products that empower Colombians to take control of their financial lives,” the post read.
Gemini is one of the largest and most compliant exchanges globally. The exchange offers access to crypto services to both individual and institutional investors. The exchange also works globally with asset managers and financial institutions through other dedicated divisions: Gemini Fund Solutions and Gemini Custody.
Towards the end of the post, Gemini recognized the borderless nature of cryptocurrencies, stating that the exchange was committed to expanding crypto access globally. The exchange also noted that cryptocurrencies can play an integral role in growing the Latin American market and becoming a hub for blockchain and other innovative technologies.
Columbia’s regulatory sandbox
Regulatory sandboxes have been developed in recent months to make it easy for countries to promote innovative technologies. Colombia has a regulatory sandbox promoted by the Financial Superintendency collaborating with other regulatory bodies.Â
Currently, this regulatory sandbox contains nine projects that have been approved for implementation. However, only two of the projects are running. The partnership between Bancolombia and Gemini is among the two projects, while the other is the partnership between the Bitpoint exchange and MOVii, a payment startup firm.
Other projects contained in this regulatory sandbox include Binance and exchange platforms in Latin America such as Bitso and Buda.com
Regulatory sandboxes are not only present in Colombia, as they have also found their way into other Latin American markets such as Brazil and Spain.
Colombia is taking a different approach to endorsing crypto innovations compared to other economies in Latin America. While Colombia has a regulatory sandbox, other Latin American countries such as El Salvador have gone all the way in with crypto. After choosing to use Bitcoin as legal tender, El Salvador is now investing the proceeds made from its Bitcoin holdings. Some of the country’s plans include building Bitcoin schools and a Bitcoin city.
The post Gemini teams up with Bancolombia to support crypto trading appeared first on Invezz.
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