Commission for the Financial Market begins implementation of Fintech Law

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Commission for the Financial Market begins implementation of Fintech Law and opens consultation on new regulation

On January 16, 2023, the Commission for the Financial Market (“CMF”) announced the beginning of the implementation of Law No. 21,521, known as the “Fintech Law”, which will come into force on February 3, 2023.

The entry into force of the Fintech Law is an extremely relevant milestone for the financial industry since, among other things, it establishes a regulatory framework for services based on Fintech technologies that were not regulated by our legislation.

In its press release, the CMF stated that the implementation process of the Fintech Law will require the issuance of more than 70 regulations, and that its work will be extended for a maximum period of 18 months. Additionally, the CMF indicated that, during the implementation period, it will maintain an intense dialogue with the industries involved and with the supervised entities.

In line with the above, in December 2022, the CMF released a reference calendar (available in this link)

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