Summary
- During 2025, the Colombian authorities moved to advance crypto-related legislation, marking a renewed attempt to formalize the sector and clarify its rules.
- Colombia ranks 29th in the global crypto adoption index, and transactions during 2024 totaled $6.7 billion.
- Multiple reasons underscore the interest in, and adoption of, crypto in Colombia, from economic pressures to an increasingly digitally literate population.
- For more stories about how crypto is being adopted in different countries worldwide, visit our Crypto in Action pages.
What’s driving crypto adoption in Colombia?
Colombia is not only ranked 29th in terms of global crypto adoption, but also ranks fifth for adoption in Latin America. More than 5 million Colombians (out of a population of more than 53 million) own crypto, and adoption continues to trend upwards, with crypto transactions reaching $6.7 billion in 2024.
Many people use the centralized platform, Wenia, which although introduced in 2024 by Bancolombia Group, is incorporated in Bermuda rather than domestically, reflecting the ongoing lack of legislation governing the sector.
Several reasons are fueling crypto adoption. The fiat (Colombian peso) has been volatile and depreciated further during 2025. At the same time, inflation has been rising, registering 5.5% in October 2025. These are the types of conditions that are conducive to crypto adoption as people look for means to hedge against domestic inflationary pressures and store monetary value.
Alongside this, Colombia has shifted in recent years towards digital payments. The share of unbanked Colombians has dropped considerably, in part due to the acceleration of digital services during the pandemic. As a result, the percentage of adults who have some financial product has increased to 92.3% (up from 67.2%), with digital financial services making up much of the new product access.
Strong connectivity and a population that is increasingly digitally savvy have led to increasing take-up of digital payment alternatives. Crypto has been useful in areas like remittances, with Colombia receiving remittance inflows that account for almost 3% of its GDP.
One other aspect that has supported crypto adoption is the government’s attitude. By not legislating, it has left the sector to develop organically. In 2020, it unveiled a regulatory sandbox – LaArenera – which allows fintech companies to test out crypto innovations.
But it would be a mistake to view this is as a supportive stance.
What is the authorities’ attitude to crypto?
The authorities have taken a restrictive line towards crypto. Legislation has previously been proposed (in 2022 and 2024) but was subsequently dismissed by legislators. As a result, the sector remains unregulated. Cryptocurrencies are not classified as legal tender, money, currency, a financial asset or securities.
Individuals can own and transact crypto, but regulated entities, including banks, are largely restricted from engaging in crypto transactions. The central bank has clarified that individuals can accept crypto as a form of payment, but that they also bear any associated risks.
The central bank has also investigated the creation of a CBDC. It partnered with the digital payment network, Ripple, to pilot use cases using the payment company’s platform, but despite three phases, there have been few developments since 2023.
Any signs of change?
Two pieces of legislation were tabled in 2025, which if enacted, will help shape the sector. Finance Bill for the General Budget of the Nation (Bill 283/2025C), which was filed before Congress in September, has a chapter dedicated to taxing digital assets.
Alongside this, Draft Bill 510/2025, which relates to the regulation of virtual asset service providers (VASPs) was, as of November 2025, still pending discussion in Congress. Tabled in March and following attempts to pass similar regulations in 2024, in addition to introducing licensing for VASPs, the proposed legislation provides a framework for crypto-related activity oversight. This covers areas such as market surveillance, asset promotion, taxation, and education. Also included are measures to prevent money laundering and terrorist financing, and provisions designed to strengthen investor protection.
Timeline of legislation
2014
Officials declared regulated financial institutions would not possess or invest in crypto.
2017
In September, the Superintendencia Financiera de Colombia (SFC) issued Official Communication 220-207096, concluding that the sale of virtual currencies in multilevel modality was illegal.
2018
In July, the SFC issued another Official Communication (220-097361) in which it reiterated the central bank’s position about the risks of crypto, specifically that crypto assets were not recognized as currency or as an asset equivalent to legal tender.
This prompted a number of domestic banks to deactivate crypto-related accounts.
2020
In September, the SFC issued Official Communication 220-196196, stating that it was not possible to contribute crypto assets to a corporation because their legal use wasn’t permitted.
Three months later, the SFC altered its position on this, noting the possibility of contributing crypto assets to a corporation and trading them in line with that corporation’s purpose.
2021
Between June 2021 and July 2022, more than $40 billion-worth of crypto assets were traded in the country.
2022
In July, the SFC conducted a public consultation of a draft external circular, which was aimed at modifying its approach towards crypto assets. In it, the SFC laid out proposed rules to govern the linking and provision of services to VASPs. The proposals were based on the results of a pilot project that operated within the regulatory sandbox.
The Cryptoassets Bill was debated in Congress, but failed to progress in the face of lacking consensus.
In October, central bank director, Leonardo Villar, revealed that the bank was researching a CBDC.
2023
In June, the Financial Superintendent of Colombia stated that the “crypto assets market, which are not assets, which is not a financial market, has no reason to be under the surveillance of the Financial Superintendency.”
The central bank partnered with Ripple to explore blockchain use cases.
In October, the National Tax and Customs Directorate issued a Unified Statement, which provided basic guidelines for crypto assets.
2024
In May, Bancolombia Group, introduced a digital asset and crypto exchange platform.
2025
In March, Draft Bill 510/2025, relating to the regulation of virtual asset services suppliers, was tabled.
Bre-B, the central bank’s digital instant payment system, was rolled out in two phases in September.
Outlook
A series of false starts has characterized Colombia’s crypto and blockchain sector. There have frequently been indications of interest in the sector, and crypto-related pilot programs have been under way in one form or another since 2021. None, however, has resulted in anything particularly tangible, possibly reflecting the lack of consensus that has long hobbled the progress of legislation.
Although the sector is growing and adoption is rising, the lack of regulatory oversight and limited access to the formal financial system are creating obstacles. Without access to funding, the growth potential of crypto businesses remains constrained. Similarly, without recourse to any support or legal redress, crypto users are left at a greater risk.
Criminality has become a growing feature of Colombia’s crypto market, with traditional crime groups turning to crypto in an attempt to facilitate payments, obscure their finances, and evade detection. For retain users, Ponzi and pyramid schemes are of particular concern.
This makes the legislation tabled in 2025 notable, though it remains to be seen whether this will prove to be another false start or lead Colombia’s steps towards legislating the sector.
