Legal nature of cryptocurrencies in the light of soft law pronouncements in Colombia
Naturaleza jurídica de las criptomonedas a la luz de los pronunciamientos de soft law en Colombia
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Cryptocurrencies are instruments of enormous growth in national and international trade. The rise and growth of the cryptocurrency market has generated a huge regulatory challenge for the States, whose first dilemma consists of determining its legal nature, which has a direct influence on its regulatory treatment in terms of consumer protection standards, money laundering and terrorism financing regulations, tax treatment, registration, supervision of licences and intermediaries, and regulation of Distributed Ledger Technology (DTL).
This paper analyzes the characteristics of cryptocurrencies, as well as a comparative perspective on the legal treatment that they have been given in the United States and the concepts that different Colombian government agencies have given about them, in order to determining it´s legal nature, considering these soft law pronouncements. In other words, are cryptocurrencies an instrument comparable to the legal currency of forced tender? Are they a currency? Are they a security considering the law of the public securities market? Are they a material asset? Are they an intangible asset? Or are they an asset of a special legal nature, that is, a digital asset?
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