Columbian tax authority enacts measures to combat crypto tax evaders

TL/DR: Breakdown

• Columbian tax authority, the DIAN, has introduced new measures to control the use of cryptocurrencies in the country.
• The agency is yet to track down the movement of all the digital assets to enable proper regulation.

Columbian tax authority named the DIAN has recently announced that it has launched measures to monitor cryptocurrency movement across Columbia. In the report, the Columbia tax authority said it aims to track down any taxpayer who has used or traded digital currencies but failed to report their activities or filed an inaccurate report. Columbia tax authority’s move is set to counter cryptocurrency-related tax evasion.

Columbian tax authority combats crypto tax evasion

Per the statement, the tax agency stated that it had an interest in making sure that cryptocurrency transactions were taxed, and it has already deployed measures toward achieving this. The DIAN had earlier stated that it was not precise on the movements of cryptocurrencies. However, the new measures replayed by the tax authority will enable them to target and disclose the actions and movement of the digital currencies in Columbia to ease taxation.

Cryptocurrency trading interests have grown immensely in Columbia alongside El Salvador. The adoption of digital assets across Columbia is growing steadily, recalling the president’s advisor openly had support on Bitcoin. Jehudi Castro Sierra, the president’s advisor, referred to cryptocurrencies as a brilliant technology. There have been recent trials to incorporate digital assets into the ecosystem.

The crypto sandbox project allows Columbians to buy and sell digital assets from exchanges through the local financial banking institutions as well as seek direct support. Columbia is said to be a haven of cryptocurrency ATMs in the Latin region, ranking in second place behind El Salvador, which has recently launched the Chivo wallets ATMs.