The Chilean finance minister, Felipe larrain has claimed that state institutions are making steady progress in the development of crypto regulation.
According to Larrain, the finance ministry is working hand in hand with the financial stability board, as well as the country’s top bank in order to provide a balanced legal framework that will spur the growth of the crypto-currency industry.
Larrain pointed out that regulations would be only one aspect of a much wider project of providing legal definitions for the sector. He however also added that the necessary regulations might take some time to be enacted. He remarked; “we are aware that it is important to move in this direction. But all countries in the world are facing similar problems with crypto regulation, and there is no magic wand to solve them. We are exploring the best solutions to see how to regulate this brand new phenomenon.”
The efforts to create legal infrastructure for crypto in Chile are partly driven by the closure of a few crypto business accounts back in March. Though it’s taken nine months for progressive action to start taking place, the Chilean government has made impressive headway in regulating blockchain technology.
Larrain’s comments came after the Chilean Supreme Court moved to annul a previous ruling by an anti-monopoly court to protect local crypto exchange Orionx and to unfreeze its accounts.
A Supreme Court judge explained that the annulment was due to their belief that “crypto-currencies had no physical manifestation and no intrinsic value”