Filipe Larrain, Chile’s Minister of Finance, recently stated that several governmental entities are “making progress” on creating crypto regulation. He added that the finance ministry is collaborating with the country’s central bank and Financial Stability Board to develop a balanced framework in the industry.

The establishment of a regulatory framework is part of a governmental project to ensure that there are legal definitions so that the regulations mean something. He also stated,

“We are aware that it is important to move in this direction. But all countries in the world are facing similar problems, and there is no magic want to solve them. We are exploring the best solutions to see how regulate this brand new phenomenon.”

A few months ago, after the closure of crypto-business accounts in several banks, Larraine mentioned that the legal framework would be beneficial to normalize the situation. However, since his statements, no legislation has been proposed or passed. As for any judicial movement, the country’s supreme court issued a decision annulling a lower court’s decision that protected crypto exchange Orionx and to ensure that a bank reopened the exchange’s accounts. The court stated that cryptocurrencies do not have “physical manifestation and no intrinsic value.”

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