Cryptocurrency Regulations and Laws in Chile
Learn about Chile’s cryptocurrency regulations under the Fintech Law, including registration of crypto service providers, taxation of gains and mining, AML/KYC rules, and upcoming Travel Rule enforcement.
Chile has recently established a comprehensive legal framework for crypto under its Fintech Law, aiming to balance innovation with consumer protection. The country also explores CBDC issuance and stablecoin regulation.
Summary
Cryptocurrencies are legal in Chile and recognized as "crypto-assets" under Law No. 21 521 (the Fintech Law). Providers must register with the Financial Market Commission (Comisión para el Mercado Financiero, CMF) and follow anti-money laundering rules under the law.
Legal Status
- General Use: Legal, but not legal tender
- Trading: Legal; must be conducted through authorized providers under the Fintech Law
- Exchanges & Custody: Must register with CMF and comply with NCG 502 registration requirements, effective February 2024
- Mining: Legal, subject to general regulation and environmental oversight
- ICOs & Tokens: Treated as digital representations; may need CMF approval depending on use
- Stablecoins: Under CMF framework; Central Bank (BCCh) empowered to regulate payment-use tokens
- NFTs: Legal; treated under general asset and AML rules
Taxation
Chile's Servicio de Impuestos Internos (SII) treats crypto as digital assets, not foreign currency. Capital gains and income from crypto (trading, mining, payments) are taxable under existing rules.
- Capital Gains Tax: Yes—progressive rates between 0–40% for individuals; corporate mining taxed at ~27%
- Income Tax on Crypto Earnings: Yes—for payments, mining, staking, or airdrops
- Mining Taxation: Taxed as income; corporate mining at ~27%
- Reporting Requirements: Mandatory—receipts must be issued; SII collects annual transaction reports from providers
Regulatory Bodies
- CMF: Registers and supervises crypto service providers, including licensing under Fintech Law
- Central Bank of Chile (BCCh): Oversees stability, issues prudential rules, studies CBDCs, and prepares stablecoin regulation
- SII: Enforces tax treatment as digital assets; issues reporting guidance
- UAF: Handles AML compliance and suspicious transaction reporting
Key Regulations & Laws
- 2022 Fintech Law (Law No. 21 521): Established modern crypto regulation under CMF and BCCh
- March 2025 Circular No. 62: Implements AML/KYC standards under Fintech Law; effective June 2025
- NCG 502 (2023): Requires VASPs to register and limit unlicensed services by Feb 2024
- 2025 Travel Rule: Requires VASPs to collect sender and receiver info for transfers over US $1,000
Timeline of Regulatory Milestones
| Year | Event | Description |
|---|---|---|
| 2022 | Fintech Law enacted | Established framework for crypto-assets |
| 2023 | NCG 502 issued | Required VASP registration under CMF |
| Mar 2025 | AML Circular 62 | Detailed AML/KYC standards effective June 2025 |
| Jul 2025 | Travel Rule begins | Sender/receiver ID required for large transfers |
Resources
- [CMF – Fintech and Crypto Services]
- [BCCh – Digital Finance and CBDC Initiatives]
- [SII – Crypto Tax Guidelines]
- [UAF – AML Compliance Framework]
Notes
- Travel Tip: Crypto is legally owned and traded, but not accepted for payments. Use licensed exchanges only.
- Local Trends: Adoption is growing (~19% penetration); regulators are moving quickly to formalize compliance.
- Language: Official documents in Spanish; summaries often available in English.