Despite the lack of a specific regulation, to date, 2 virtual currencies have been created in Chile (i) Chuacha (CHA - https://chaucha.io/ - ) and Luka (LUKA - https://www.cryptoluka.cl/). In March 2018, 3 Chilean crypto currency exchanges saw heavy press coverage due to a banking blockade whereby either their accounts were shutdown by their current banks or other banks refused to open new accounts. In April 2018, the affected exchanges filled actions against the banks before Chile’s Competition Court and Appeals Courts. Tax authorities have also publicly stated that they will begin a review of the laws and regulations applicable to FinTechs (given, often times, their multi-jurisdictional operations).
The lawsuits filed before Chile´s Competition Court are still pending. Authorities (Ministry of Finance and Chilean Central Bank) have mentioned that specific regulations must be considered.
There is no specific regulation regarding virtual currency in Chile such as Bitcoin. Accordingly, and apart from general rules applicable to service providers (such as initiation of activities before the Chilean Internal Revenue Service), there generally are no specific license, minimum capital or solvency requirements.
The White Paper does not suggest that new legislation is enacted on the matter. It does state, though, that in the CMF´s view, Cryptoassets related regulation should be the one governing the systems on which said assets are marketed or the systems of those individuals or entities who keep such assets on behalf of third parties.
Yet, in 2018, the Chilean Internal Revenue Service (SII) issued regulation clarifying that the purchase and sale of digital currency are exempt from VAT. However, fees charged for the rendering of services of purchase and sale of digital currency on behalf of third parties, as well as the remittance, reception and deposit of digital currency, are subject to VAT.
Information regarding revenues, transactions and users is not readily available.
Rodrigo De Alencar