Colombia vs Timor-Leste
Crypto regulation comparison
Colombia
Timor-Leste
Cryptocurrency is legal in Colombia but not recognized as legal tender or currency. The SFC has run regulatory sandbox programs for crypto-financial services, and exchanges operate under general business registration. Colombia has high crypto adoption, particularly for remittances and as an inflation hedge.
Timor-Leste has no specific cryptocurrency regulation. Uses the US dollar as its official currency.
Key Points
- Crypto is legal but not recognized as currency or legal tender
- SFC operates regulatory sandboxes allowing banks to partner with crypto exchanges
- DIAN (tax authority) requires reporting and taxation of crypto gains as part of general income
- Colombia ranks among the top 20 countries globally in crypto adoption
- No comprehensive crypto-specific legislation yet; regulation evolving
Key Points
- No specific cryptocurrency legislation
- Uses the US dollar as official currency
- Central bank has not addressed crypto regulation
- Very limited financial infrastructure
- Minimal crypto adoption