Chile: financial authority accelerates regulation in the fintech sector

According to the portal Criptonoticias, the Commission for the Financial Market of Chile (CMF) showed its interest in the implementation of a regulatory framework for the Fintech industry, the content of which should not slow down technological development or the innovation capacity of industry players.

Rosario Celedón, a member of the CMF board of directors, pointed out that the crisis produced by the Covid-19 pandemic has generated great demand for financial technology solutions, in that sense, startups that provide financial services are being considered as determinants to promote inclusion financial and cope with the slowdown in the economy. In addition, Celedón considers it appropriate to work on a general data protection framework that facilitates the portability of these, at the request of the owner.

It is important to mention that the Fintech bill should have been presented to the Chilean Congress last year; however, it was paralyzed due to the social unrest that took place in the country.

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Carlo Palomino
Bachelor from the National University of San Marcos (UNMSM). With interest in Digital Law and New Technologies. I endorse the phrase: "Knowledge is useful as it is shared." Contact: carlo.palomino19@gmail.com

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