Colombia has taken significant steps to formalize the regulation of digital assets by incorporating them into its national tax framework. This integration comes with mandatory reporting requirements that align with the OECD’s Cryptoasset Reporting Framework. Under the new Resolution 000240 from DIAN, the Colombian tax authority, exchanges, intermediaries, and trading platforms must adopt strict due diligence procedures alongside automated data sharing with international tax authorities. This move is aimed at bolstering fiscal transparency in the crypto space.
So, what do these obligations entail for service providers? They must collect and report comprehensive details regarding crypto users and transactions. This includes information on account ownership, transaction volumes, fair market values, and beneficial ownership. Importantly, the policy applies to widely utilized crypto assets like Bitcoin, Ethereum, and stablecoins, while central bank digital currencies are explicitly excluded. Additionally, any crypto transfers that exceed the $50,000 threshold will be classified as reportable retail transactions.
Failure to comply with these reporting requirements may result in penalties, with fines ranging between 0.5% to 1% of the value of the transactions involved. The new reporting obligations will commence with the 2026 tax year, and the initial mass filings are expected by May 2027. This legislative effort underscores Colombia's commitment to bringing clarity and regulation to the digital asset market, promising greater accountability and transparency in the burgeoning crypto landscape.