CHILE Law and Practice Contributed by: Alberto Alcalde, María Catalina Zegers García-Huidobro and Pía Robledo, Puga Ortiz
Regulatory Perimeter for NFTs and NFT Platforms NFTs are unique digital assets typically representing ownership of a specific item, such as art, collectibles or intellectual property, stored on a blockchain. In some cases, they can be classified as virtual financial assets or cryptocurrency if they represent digital units of value that can be transferred, stored or exchanged digitally. Platforms facilitating the trading, custody or issu - ance of NFTs may fall under the scope of alternative systems of trade or custody. If NFTs are structured to generate monetary returns or represent financial rights, they may be considered financial instruments. NFTs designed for investment purposes (eg, fractional ownership of real estate or securities) could be regu - lated as financial instruments. Platforms offering such NFTs would need to register with the CMF and comply with governance, risk management and transparency requirements. Exclusion From the Regulatory Perimeter NFTs used solely for non-financial purposes, such as digital art or collectibles, are unlikely to fall under the fintech regulatory perimeter. Inclusion in the Regulatory Perimeter NFTs and platforms are included if they involve finan - cial services, such as trading, custody or investment. The law aims to regulate activities that could impact financial stability, investor protection or public trust. NFTs with purely artistic or non-financial purposes are excluded because they do not pose risks to the finan - cial system or involve monetary returns. 10.13 Stablecoins Stablecoins are indirectly regulated through the BCCh, which has authority over payment systems. Following the amendment to Article 35 No 8 of the BCCh Organ - ic Law, the BCCh is empowered to regulate digital rep - resentations of value backed by fiat currency (national or foreign). Issuers or platforms handling these assets as part of a payment system must comply with BCCh standards on security, reliability and interoperability. Furthermore, if a stablecoin is structured to generate monetary returns, it may be classified as a financial
instrument under the Fintech Law, requiring CMF reg - istration.
11. Open Banking 11.1 Regulation of Open Banking
In Chile, the law actively supports the implementation of open banking through the establishment of the OFS under Title III. The law aims to promote competition, innovation and inclusion in the financial system. It establishes rules for the interchange of financial data between institutions, subject to explicit customer con - sent. Law No 21.236 on Financial Portability (2021) establishes the right of customers to transfer finan - cial products between financial institutions through a simplified and standardised process. This regime operates as a complementary framework to the OFS, reinforcing customer mobility and competition in financial services. Key Features of the Open Finance System Data sharing Institutions must enable the exchange of customer financial data through remote and automated interfac - es (APIs). Data includes account information, transac - tion history and other financial details. Consent and security Customers must provide explicit consent for data sharing, ensuring privacy and security. Institutions must comply with cybersecurity standards and report security incidents. Participants Banks, card issuers and other financial institutions are required to participate as information providing institutions. Third-party providers (TPPs) can register as informa - tion service providers to access data and offer ser - vices. Gradual implementation The CMF is tasked with defining the implementa - tion timeline and technical standards. This phased
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