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First day of the Latin American Congress of Financial Law addressed regulatory challenges on the digital issue and bitcoin

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This October 3, the first day of the Latin American Congress of Financial Law, Colade 2022, began with the treatment of topics such as cryptocurrencies, the metaverse and the new financial activity. The forum is considered the most important and oldest financial law event in Latin America and its objective is for participants to exchange experiences on more than 50 current and impact issues for the financial sector. On the first day, topics such as the new financial activity, the regulatory challenges for digital transformation and the adoption of bitcoin in the financial system were addressed. There was also space to talk about the challenges of financial entities facing the metaverse and the regulatory schemes of Fintech and neobanks.

This Congress, organized by the Latin American Federation of Banks (Felaban) and the Association of Private Banks of Ecuador (Asobanca), which brings together 250 legal professionals linked to the financial and banking sector, including 90 foreigners, will take place until this morning, Tuesday 4 .

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During the event, Francisco Naranjo, Chairman of the Asobanca Board of Directors, He recognized that the Latin American financial system was up to the task, not only to cope with the Covid-19 crisis, but also to offer solutions to the population.

In the Ecuadorian case, one of the phenomena had been the increase in digital banking transactions, which, according to Asobanca, grew 160% between 2019 and 2021. Naranjo said, however, that there is still a way to go: “banks try to make the necessary efforts with huge investments, rigorous processes, technical decisions and international-class human talent to anticipate future scenarios. For this, new regulations are required. These efforts seek to promote the reactivation and deepening of production and financial inclusion”, said the chairman of the Asobanca Board of Directors.

Guadalupe Cabezas Enríquez, Deputy Superintendent of Banks, He said that meetings such as Colade are necessary because they facilitate contact to improve the relationship between financial institutions in Latin America.

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“Financial law is of vital importance for the development of business and the revitalization of the economy because it regulates various aspects of public and private banking. As Deputy Superintendent, I am firmly committed to constantly seeking ways to update the regulations to promote the adequate performance of the institutions”, said Cabezas.

In the meantime, Claudia Díaz-Granados, Legal Director of Felaban, stated that, in order to face the new challenges in the financial industry, it is necessary to have appropriate legal and regulatory frameworks, that promote a balance in the rules of the game, avoid regulatory arbitrage and facilitate digitization and the safe use of new technologies in banking and financial products and services.

“It is required, for example, that lawyers be able to provide adequate legal support to these processes, whether from the legal areas of the banks, whether as external legal advisors, whether as bank supervisors or regulators or from the judiciary,” he said. Diaz-Granados.

The edition 41 of the Latin American Congress of Financial Law, Colade 2022, which takes place at the Swissotel, in Quito, will continue this Tuesday, October 4. During the last day, the experts will analyze the regulations fintech, personal data processing in the banking sector, Big Data, artificial intelligence, financial inclusion and asset tokenization.

Source: Eluniverso

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