Colombia has seen an exponential rise in the number of crypto users in the last few months and now the tax authority is tightening its screws around the crypto market. With the sudden and dramatic rise of this new age DeFi tech, authorities have become more vigilant with these tax records than ever.
The adoption in Bogota is a clear sign that the country is in favor of the new DeFi tech. It is being used in everyday life and many crypto enthusiasts have also been spreading the word. But DIAN, the tax authority, isn’t lax too. They plan to take special measures to catch people trying to avoid taxes and ring them up for the bill.
They wish to establish a network that will have a list of Colombian citizens that haven’t been paying their taxes. They will monitor crypto activity like a hawk and see who has failed to report their crypto exploits.
The crypto boom in the country came as a surprise as it is the second most active BTC trading country in Latin America. There are 100s of bitcoin ATMs and merchants all across the country.
Currently, Colombian law does not offer any securities against crypto, but people are still investing. With the stance of the government still in the grey area, there has been a burgeoning crypto scene in the country that is growing and blooming as we speak.
If you have been keeping an eye on the crypto market and have been wanting to invest in it, then right now is the best time to do so.