The Chilean government has revealed that it is looking to implement tougher regulations on cryptocurrencies and FinTech.
According to Cointelegraph, Chile’s Minister of Finance Felipe Larraín announced during his recent visit to the United States that although the new bill introduced in his country would mean tighter restrictions, it would also consider that companies have differing business models and services, which lead to different risks for both users and the financial market.
Chile is home to a growing number of crypto exchanges, which are currently unregulated.
“Regulation of these platforms would mitigate some of the risks, such as money laundering and terrorist financing, and increase the legal certainty with which they operate. We want to adequately protect against the risks associated with this kind of activity,” said Larraín.
In other news, the British Virgin Islands has announced a partnership with LIFElabs.io that will provide rapid access to funds in the event of an emergency.
The partnership will also work to create an alternative digital currency payment method for financial transactions across the network of islands.
“The intrinsic value of LIFElabs.io’s platform is found in its trifecta of security, transparency, and efficiency. It is estimated that adopters of our blockchain Platform as a Service (PaaS) will reduce their current transactional fees in excess of 50%, all while incurring zero out-of-pocket cost to implement it, speeding the average transaction time exponentially compared to Automated Clearing House (ACH) electronic payments, wired or over-the-counter cash transactions,” LIFElabs.io CEO Sanjay Jadhav said in a press release.
The British Virgin Islands has an estimated GDP of over $1 billion and was inflicted with more than $3 billion in damages during Hurricane Irma. The LIFElabs.io implementation will allow BVI residents to download the LIFEwallet app so they can quickly access funds deposited into it whenever a disaster strikes.