CHILE Law and Practice Contributed by: Alberto Alcalde, María Catalina Zegers García-Huidobro and Pía Robledo, Puga Ortiz
Under Law No 21.521, virtual financial assets are expressly recognised as financial instruments. They represent digital units of value that can be transferred, stored or exchanged electronically, excluding legal tender in national or foreign currency. As a specific subcategory of financial instruments, they are subject to a differentiated supervisory regime depending on the regulated service involved. Financial instruments are defined as titles, contracts or documents designed to generate monetary returns or represent credit rights, and expressly include virtual financial assets within their scope. Accordingly, blockchain-based assets that qualify as virtual financial assets fall within the financial regula - tory perimeter when used in regulated activities such as intermediation, custody or the operation of trading platforms. However, certain blockchain-based tokens that do not qualify as virtual financial assets – such as pure utility tokens or non-financial digital assets used exclusively for access or consumption purposes – may fall out - side the scope of financial regulation, provided they do not involve investment characteristics or regulated financial services. The classification of certain blockchain assets, includ - ing asset-backed tokens or stablecoins, may require case-by-case analysis depending on their structure, economic function and the rights they confer. While the legal framework seeks to provide clarity through a technology-neutral approach, borderline cases may still raise interpretative challenges, particu - larly where digital assets combine utility and invest - ment features. 10.4 Regulation of “Issuers” of Blockchain Assets The regulatory treatment of issuers depends on the asset’s legal nature under the Fintech Law, applying a substance-based approach. Prudential Rules NCG No 502 (amended by NCG No 524) sets risk- weighting for crypto-assets: “Type A” (eg, Bitcoin/
ETH) at 100% and “Type B” (asset-backed) at differ - entiated rates. Financial Instruments Tokenised securities or assets designed for monetary returns fall within the regulatory perimeter. Public offerings require registration in the Securities Registry (Law No 18,045) and market disclosure. Virtual Financial Assets While recognised as financial instruments, the Fintech Law does not impose a standalone licensing regime for issuance unless it involves a public offering or regulated service (custody/trading). Utility Tokens Pure utility tokens for access or consumption remain outside the financial perimeter, subject only to general consumer protection and fraud legislation. Initial sales of regulated tokens must comply with Law No 18.045 unless they qualify as private placements. The CMF retains interpretative powers to assess issuances on a case-by-case basis. 10.5 Regulation of Blockchain Asset Trading Platforms Blockchain asset trading platforms and secondary market trading are regulated based on the classifica - tion of the assets being traded. The law provides a framework for platforms that facilitate trading of finan - cial instruments and establishes oversight mecha - nisms for intermediaries and P2P transactions. Blockchain Asset Trading Platforms Blockchain asset trading platforms that facilitate the trading of financial instruments are regulated as alter - native systems of trading. Platforms must be registered in the FSPR maintained by the CMF, and they must obtain authorisation from the CMF before initiating operations. Platforms must also have systems and procedures to ensure trans - parency, security and proper functioning. They must implement governance and risk management policies. Platforms must maintain an internal regulation to ensure equitable, competitive and transparent trad - ing, and they must provide information about trans -
161 CHAMBERS.COM
Powered by FlippingBook