The Blockchain Association of Costa Rica is excited to share an important initiative aimed at strengthening our commitment to transparency and security in the virtual assets sector. The Costa Rican Institute on Drugs (ICD), the entity responsible for implementing Law 7786 on the Prevention of Money Laundering and Terrorist Financing, is initiating a consultation process with key sector stakeholders.

The goal of this consultation is to gather input for a new legislative initiative focused on the prevention of money laundering and terrorist financing, specifically for Virtual Asset Service Providers. This new regulation will seek to align with the international standards of the FATF (Financial Action Task Force) and address the observations that Costa Rica has received for previous non-compliance.

The Blockchain Association of Costa Rica, recognizing the importance of this initiative, will actively participate in the working groups. Our goal is to promote the adoption of best practices that enable the sustainable and secure development of virtual asset-related businesses in our country.

We invite all our business members to join this effort and participate in the working group. Your participation is crucial, as the ICD seeks collaboration from companies that will be directly affected by the proposed reforms to Law 7786.

For those business members of the Association interested in joining this working group, we need you to provide your information before July 28, 2024. Please confirm your participation by sending an email to the executive address of the Association.

We are confident that, with your support and collaboration, we can significantly contribute to the development of a regulation that not only meets international standards but also fosters a safe and prosperous environment for all.