Since March, the Financial Superintendency of Colombia (SFC) has approved nine alliances formed by a regulated entity and a trading platform to begin testing crypto-asset transactions within the “Arenera,” the controlled space designated for the pilot project.
The evaluation and monitoring committee was tasked with selecting participants for this pilot and will oversee operations during the one-year execution of the project. The group comprises representatives from the Office of the Presidency, the SFC, the Corporate Superintendency, the Financial Information and Analysis Unit (UIAF), and academia.
As this is a new initiative in the country, regulated by the financial authority and conducted in collaboration with businesses, the pilot requires an extensive pre-production process. Thus, three months after the SFC’s approval, the operations of the first alliance began. MOVii and Bitpoint started trading crypto-assets on June 22.
This alliance already has 500 users and is close to reaching $100 million in traded volume. For those interested, trading on the platform can begin with an investment of $27,000. The companies stated that the system provides users with sufficient information to make decisions, understand the market, and gain practical experience within the pilot project.
“The platform will be simple and easy to use, just like everything we do at MOVii. Transactions can be completed in three clicks, whether buying or receiving money, which is automatic,” explained Hernando Rubio, the company’s CEO.
Since the government does not recognize digital currencies as legal tender but rather as assets, the volatility of transactions is entirely the responsibility of the investing user. Therefore, individuals are advised to gather as much information as possible and understand the associated risks before buying or selling crypto-assets.
Julian Geovo, Director of Operations for Bitpoint in Latin America, stated: “It’s a significant step forward that regulatory bodies are creating the conditions for safe and sustainable operations, benefiting thousands of individuals and businesses that are already part of the cryptocurrency world. We have high expectations due to the strong adoption of organic trading in the country, despite its informal nature.”
MOVii will also participate in the Arenera pilot with Panda, a platform that is still in the development phase.
The Other Eight Alliances Are Finalizing Details
“We are advancing in the technological development process and meeting all the regulatory requirements of the Superfinanciera, aiming to go into production by September,” said Mario Castro, CEO and founder of Coink, on behalf of the alliance with Banexcoin.
Douglas González, Executive Vice President of Coltefinanciera and project leader for its alliance with Obsidiam, stated: “We are already conducting technical and functional tests of the integration we are implementing with our alliance’s exchange platform. During these tests, we’ve had to make some adjustments, particularly regarding the user experience. We want to deliver a polished product. We expect to complete this phase by August 15, after which we will begin a pilot test. We will not yet launch the product on a large scale; this phase will last about two weeks, and next month we will deliver the product to all our clients.”
The other alliances have been less specific about their start dates but are actively working on the project. Binance, a trading platform with alliances with Powwi and Davivienda as part of the pilot, announced that it “continues to work closely with its partners and adheres to the dates and timelines established by the Financial Superintendency, aiming to promote financial inclusion and freedom for Colombians. Above all, we aim to bring them closer to the world of crypto through accurate information, education, and accessibility to our platform. We are currently in the structuring and collaboration phase and look forward to starting operations in the pilot project soon.”
