COLOMBIA Trends and Developments Contributed by: Gabriela Mancero, Daniel Peña, Maria Fernanda González and Andrea Sánchez Gallardo, Peña Mancero Abogados
Introduction Colombia has a culture of entrepreneurship, rec- ognised in the Americas as being a consequence of the temperament of the people, economic and social crises, as well as endemic violence that has fostered resilience and a high capacity for work. The fostering of human talent through academic training and personal effort is another important characteristic of the country. Public and private scholarship programmes are an important ele- ment of training systems for engineers, data sci- entists and digital technologists. Although Colombia is not a power in terms of technological innovation comparable to other OECD countries, it does accomplish digital appropriation through the use of social net- works, develops its own digital content (video games and audiovisuals) and has capable devel- opers. Emerging technologies are also adopted by Colombian companies and the public sector. Information technologies have been considered targets of public policies, in which the state can intervene to further the collective interest. In this sense, one of the most important roles of the state is to promote connectivity to communica- tions networks as a necessary means of advanc- ing the digital economy. In the case of emerging technologies such as artificial intelligence, public policies have been adopted aimed at promoting their use by the state – and providing ethical frameworks – and the constitutional court has established limits on the use of such technologies in judicial deci- sions, mainly to ensure that they do not replace a judge’s reasoning and decision-making. Several bills have been presented, but there are currently
no specific regulations on the use of emerging technologies by companies. Crypto-assets The regulation on crypto-assets is a relevant gauge of the digital business climate of a coun- try. Like any emerging technology, early adop- tion of crypto-assets by a market and adequate regulation can be important steps in the digital transformation of companies and the govern- ment, and support digital entrepreneurship. The efficiency and data decentralisation of block- chain and cryptocurrencies have disruptive effects in certain markets and may also raise concern regarding illegal activities eventually occurring because of the technology’s relative anonymity. In Colombia, several public entities have issued regulations and opinions on crypto-assets. This is the first trend that the authors wish to high- light. In Colombia, there is a diverse range of public entities that have touched upon different legal issues related to crypto-assets, namely financial, exchange, tax, commercial, compli- ance and contractual issues, among others. This is a consequence of the transversal use of crypto-assets in different economic sectors, and for different activities. However, if greater legal certainty is sought, the government could follow a public policy document defining the vision and direction of the relationship between the public and private sectors in relation to these digital assets. In general, the Colombian authorities agree on the following characteristics of crypto-assets as a basis for their regulation in individual legal fields, and to determine the risks of the crypto title-holders who trade these intangible assets:
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