The Dominican Bitcoin community has announced that it will appear in the Dominican Republic’s Congress next Monday with the aim of meeting with legislators and helping draft the “Law on the Prevention, Control and Regulation of Cryptocurrencies” project.
The purpose of the meeting is to help develop regulations after identifying warning signs in current proposals, the group said. It can harm the ecological development of the country.
“We have been invited to Congress next Monday to meet with members of Congress and help develop the Digital Assets Bill. We have identified key red flags and proposed improvements that protect Bitcoin, Dominican integrity, business, and foreign investment,” the group said in an X post on Thursday, April 9.
However, it is not clear from Bitcoin Dominicana what such “red flags” in this bill are. However, Pedro Vital, the organization’s leader, said on March 28 that the proposal “seems to copy foreign models”, such as the European one with the MiCA law, as it establishes a figure for a register of crypto-asset service providers. He also said that regulating without conducting an independent on-site investigation in the Dominican context would be it’s kind of a guess It can hinder the country’s development opportunities.
The bill was formally deposited with the Legislative Secretariat on March 16 by Deputy Carlos de Pérez. According to a report by CriptoNoticias, the work aims to bring “order and security” to the industry, reduce fraud risks and establish a clear monitoring structure for the market.
The bill, introduced in the House Finance Committee on April 7, gives companies the right to set prices for goods and services directly on digital assets, but requires suppliers to thoroughly report on the volatility and irreversibility of their transactions. In addition, We are proposing to properly define digital currencies as subject to taxation.
The Dominican Republic follows the trend of other countries in the region, such as Mexico and Colombia, which seek to frame the use of digital assets within specific legal frameworks. Next Monday’s meeting will be an important step to ensure regulations do not stifle innovation. Active community participation is required to transform the management proposal into a framework that fosters a healthy and transparent digital financial ecosystem.
(Tag Translation)Bitcoin (BTC)
