CHILE Law and Practice Contributed by: Alberto Alcalde, María Catalina Zegers García-Huidobro and Pía Robledo, Puga Ortiz
actions, interruptions and contingencies to the CMF and the public. Platforms for virtual financial assets are not automati - cally regulated unless the assets qualify as financial instruments. Platforms may be subject to AML and CTF regulations. Regulation of Secondary Market Trading Intermediaries facilitating the trading of financial instruments must be registered in the FSPR. They must obtain CMF authorisation before initiating opera - tions. P2P Trading P2P trading of blockchain assets is not explicitly regulated under the law unless the assets qualify as financial instruments. P2P transactions involving crypto-assets may be subject to AML/CTF regula - tions. Platforms and intermediaries trading unregu - lated blockchain assets (eg, utility tokens) may expose investors to risks such as fraud or lack of transpar - ency. 10.6 Staking There are no explicit regulations governing staking services related to cryptocurrencies. However, the regulation of such services may depend on the clas - sification of the cryptocurrencies involved and the nature of the staking activity. If staking is structured as a financial service (eg, offer - ing returns or rewards that resemble investment prod - ucts), it may fall under the scope of the Fintech Law as a regulated activity, such as investment advisory. Entities providing staking services may need to regis - ter in the FSPR. They may be subject to governance, risk management and reporting requirements. Staking services involving cryptocurrencies may be subject to AML/CTF regulations if they are deemed to pose risks related to money laundering or terrorism financing. Providers may need to report suspicious transactions to the UAF. If staking is purely a technical activity (eg, validating transactions on a blockchain without offering financial
returns), it is unlikely to be regulated under local law. Such activities may still be subject to general con - sumer protection laws. 10.7 Crypto-Related Lending The provision of lending services related to cryptocur - rencies is regulated if the activity involves financial instruments or falls under the scope of credit advisory. If the lending activity involves cryptocurrencies classi - fied as financial instruments, it is subject to regulation under the Fintech Law. Lending services related to cryptocurrencies may fall under the scope of the Financial Services or Money Lending Operations special laws. Entities providing lending services must register in the FSPR. They must obtain authorisation from the CMF before initiating operations. Providers must comply with governance, risk management and reporting requirements. Lending services involving cryptocurrencies may be subject to AML/CTF regulations. Providers must report suspicious transactions to the UAF. P2P cryp - to lending may remain unregulated unless AML/CTF concerns arise. 10.8 Cryptocurrency Derivatives The offering of cryptocurrency derivatives is regulat - ed under Law No 21.521, which includes derivatives and similar contracts within the definition of financial instruments. Cryptocurrency derivatives (eg, futures, options or swaps) may be offered through financial intermedia - tion or alternative trading systems. Entities must register in the FSPR and obtain CMF authorisation prior to operations. They are subject to governance, risk management, reporting and trans - parency requirements, including disclosure of risks, pricing and terms. Providers must also comply with AML/CTF obligations and report suspicious transactions to the UAF. Unregulated or informal offerings may fall outside this framework but remain subject to general consumer protection laws.
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