Colombia Implements Program to Monitor Crypto Assets Abroad

The Colombian government announced a monitoring program aimed at tax residents who do not declare crypto assets stored abroad to the National Tax and Customs Directorate (DIAN). Andrés Velásquez, director of DIAN, stated that those who must declare these assets will be pursued, highlighting tax evasion in the industry. President Abelardo de la Espriella warned about the use of cryptocurrencies to move illicit resources and emphasized the fight against corruption, drug trafficking, smuggling, and illegal mining. Colombian legislation already requires tax residents to pay taxes on their global assets. According to DIAN, digital assets are considered intangible goods and must be included in the annual income declaration. If the assets abroad exceed 2,000 Tax Value Units (UVT), Form 160 for Annual Declaration of Assets Abroad must be submitted. The start date of the program and the number of individuals under investigation have not been specified. The measures were announced following recent operations against money laundering, where a network that laundered 2.3 trillion Colombian pesos through USDT was identified.

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