Costa Rica’s Aso Blockchain has launched a public consultation process to develop a Digital Asset Framework Law. Stephanie Sanchez, the group’s representative, said it was “a project by the community, for the community, but it goes far beyond cryptocurrencies.”
Sanchez said Costa Rica currently lacks comprehensive standards to regulate the industry. “Previous project to regulate VASP (virtual asset service providera Spanish virtual asset service provider) was archived last year. There are only concrete initiatives from the financial intelligence sector to comply with FATF, but they do not provide legal certainty,” he explained to CriptoNoticias.
The proposal is presented as a “framework law,” which Sanchez describes as “essentially a civil law for decentralized industries.” The goal is A complete regulatory framework that provides legal certainty for the digital ecosystemfostering innovation and protecting fundamental rights in a decentralized environment.
The public consultation, which began on May 15 and will continue until June 15, 2026, aims to enrich the draft with citizen donations.
“The draft is not finished yet. We have forwarded the draft to the community,” Sanchez said. This project will cover topics such as: Free self-storage of assets, thorough classification Awareness of digital assets, decentralized autonomous organizations (DAOs), decentralized finance (DeFi), smart contracts, traceability awareness in supply chains. Regarding taxation, the proposal addresses the principle of territorial income.
“If Bitcoin is not acquired on a centralized exchange, there is no capital gains tax,” the lawyer said. It also proposes applying the free zone system to technology and crypto companies to strengthen the country’s competitiveness, and includes a “bridge” to promote interoperability between decentralized ecosystems and traditional banking.
Regarding Bitcoin mining, Sanchez stressed that market freedoms will be respected as long as environmental standards are met, in line with the national goal of achieving 100% renewable energy by 2030.
This initiative also considers: Creation of a specialized regulatory authorityThis will be a decentralized industrial administration that interoperates with the traditional financial system.
Beyond the aforementioned aspects, this project may provoke debate on the following points: the level of state intervention in an inherently decentralized sector; While consistent with the national goal of 100% renewable energy by 2030, it is important to balance AML/FATF compliance obligations with the preservation of individual freedom, as well as the environmental impact of Bitcoin mining.
Lawyers say this approach differentiates itself from regulations in other countries in the region through a humanistic model that puts technology at the service of citizens.
Donations will primarily be made through the Costa Rican Blockchain Association and the future Chamber of Blockchain, Digital Assets and Artificial Intelligence, which will be integrated into the Latin American Federation.
Once the consultations conclude on June 15, a refined document will be submitted to the Legislative Assembly, with the ruling party expected to push it through this session.
This process marks a defining moment for Costa Rica in defining its role in the future digital economy. If this proposal is approved and passed into law, this country could solidify its status as a nation. hub It is the most competitive in Latin America when it comes to cryptocurrency innovation.
The success of this initiative will depend on the quality of public donations and subsequent political will, but if it happens, Costa Rica will not only have a “Bitcoin law” in place, but will also have the foundations to foster economic growth.
(Tag translation) Blockchain
