Entrepreneurs from the financial and technology sectors attended the legislative chamber.
The project focuses on the prevention, control and regulation of cryptocurrencies in that country.
The Permanent Finance Commission of the Chamber of Deputies of the Dominican Republic met, on Thursday, May 28, with a group of businessmen with the purpose of advancing the structuring of the bill to regulate cryptocurrencies in that country.
As reported by the legislative body on its social networks, the meeting, held in the Juan Pablo Duarte Hall of Congress, It had the participation of key actors from the local financial and technological ecosystem.
Among the attendees were Virgilio Albert and Michael Albert, representatives of the Multicúputos Group; José Frank Almeyda, from FINLABS; Quilvio Fernández, financial and real estate agent; Julio Ferron, representing NEITEC; and Juan Garrido, from the firm Tether, issuer of the USDT stablecoin.
Through these work meetings, legislators received the technical feedback necessary to modify and strengthen the regulatory framework, presented by Congressman Carlos de Pérez in March of this year, as reported by CriptoNoticias.
The bill focuses its efforts on the prevention, control and supervision of digital currencies. Among its most notable points, it defines bitcoin (BTC) and other digital assets as assets subject to taxation. This implies that the benefits generated by its exchange or sale must pay taxes in a similar way to other financial assets, following regulatory models. already implemented in other countries in the regionlike Mexico and Colombia.
The private sector and the local community have shown a proactive stance towards the initiative. Organizations such as Bitcoin Dominicana previously expressed concern after identifying key red flags in the original proposal, warning that certain guidelines could compromise the development of the technological ecosystem, business and the attraction of investments.
This reaction motivated the opening of technical dialogue tables to incorporate the vision of specialists in the final drafting of the standard.
In fact, after learning about the meeting between Dominican politicians and businessmen, from Bitcoin Dominicana they expressed that The Caribbean country “has the opportunity to become a regional leader in financial innovation if it manages to balance protection, education and technological openness.” “The real adoption has already begun,” they noted.
The development of these discussions in the Dominican Congress shows a trend in Latin America towards the institutional formalization of digital assets.
By integrating entrepreneurs and specialized communities into the work tables, local authorities are trying to design a legal structure that manages to balance risk mitigation with the growth of a digital ecosystem that is in full expansion.