Panda Exchange gets Superfinanciera’s approval to test transactions with crypto assets

Once more, Colombia has taken the lead in technological and economic innovation by allowing strategic alliances between financial entities and exchange platforms for crypto asset transactions in the country

On January 29th, the Financial Superintendence of Colombia (Superfinanciera) issued a statement on Twitter in order to inform the public about the authorization of alliances between some national banks and a select group of exchange platforms with the purpose of enabling easy cryptocurrency operations. This initiative was launched last year, just 4 months ago, to be analyzed by relevant financial entities in order to verify if such ruling was necessary and safe for Colombians.

After having studied the proposal, Colombian Superfinanciera approved 9 partnerships between national banks and exchange platforms to perform crypto asset deposit and withdrawal operations within the sandbox, the alliance between Panda Exchange and Movii is one of them. Our platform meets every requirement to take part of the initiative.

“The Evaluation and Monitoring Committee of the government pilot that will enable cash-in and cash-out operations in financial products of deposit on behalf of crypto asset exchange platforms selected nine out of forteen initiatives that applied for tests in laAreneraSFC”, the entity informed in the press release.

The sandbox is a framework designed by the financial field of Colombia that allows the testing of new technologies and financial products, market models and other novelties in the economic industry in a controlled environment under the regulation and monitoring from the applicable Colombian government bodies. This platform was launched in 2018 and, since then, has been regulating technological and financial models in the country.

With the approval of the Financial Superintendence, the chosen exchange platforms and bank entities will start in March 2021 a pilot program of one year at most to deploy their services for the Colombians, under the monitoring from the regulation committee assigned by Superfinanciera. The cryptocurrency exchanges will be regulated and monitored by such entity aiming to verify and guarantee the safety of the operations.

In the statement, the Superintendence said: “The pilot project does not have an impact on the current regulatory framework suitable for crypto assets, that is to say, it does not change the allocation of responsibilities in the information and risk management of this kind of transactions nor it could be understood as an authorization for the financial system to use the public’s savings to perform these operations or for the exchange platforms to be under the supervision of Superfinanciera”.

In other words, the banks and involved financial entities must continue to meet their obligations intended to shield user’s operations, data and savings. Under no circumstances, they will be able to use actives belonging to the Colombian people to make transactions in cryptocurrencies. This initiative was created with the purpose of enabling operations with crypto assets for the Colombian users, ensuring safety and privacy at all times.

Panda Exchange is a trading platform created and operated from Colombia. It meets all the legal and financial requirements set to be authorized to enable operations in crypto assets for Colombians through our partnership with Movii. You only need to have a Movii account and to be a registered and verified user at Panda Exchange.

Our platform has been working on this initiative and subsequent approval since last quarter of 2020 in order to be included in that important and innovative ruling. Now it is easier than ever to take part of the cryptocurrency world, thanks to this ruling, crypto assets trading could be part of your everyday life.

Panda Exchange makes it easy, safe and quick, so do not waste time and join the digital asset trading market. Our team can provide the necessary guidance to start buying cryptocurrency. We are waiting for you.

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