Name
Global FinTech Guide
Country _ Name
Costa Rica
SectionTitle
Trading platforms/social trading platforms/signal following
Body
FinTechs belonging to this category operate trading platforms or online marketplaces for investment opportunities or certain financial contracts – e.g. securities, factoring etc. and sometimes furthermore provide contact to financial experts and tools for the decision-making.

FinTech-signalling and social trading platforms provide users with the opportunity to exchange opinions on financial investments and offer signal providers and traders the possibility to make their securities portfolio publicly visible. This way the portfolios can be linked to and followed by other traders via the platform automatically, so that the trading and investment strategy of the followed traders can be copied.

The platform often cooperates with a financial services provider or a credit institution where both the trader and the follower hold their securities accounts, and which execute the orders both of the trader and the follower and to which the platform passes on the trading decisions.

Introduction

Attitude of the country towards trading, social trading or signalling platforms

Since the world of FinTechs is relatively new in the country and due to the lack of regulation, there are currently no FinTechs in this segment in Costa Rica.

Legal affairs

Obligations and requirements to provide trading, social trading or signalling platforms described above

Costa Rica does not have a legislation that specifically regulates FinTechs related to provide trading, social trading and other signaling platforms. However, SUGEF regulation concerning general FinTechs in Costa Rica may be applied.

To these companies could also apply the provisions of both Law 8968 on the Protection of the Person against the Processing of Their Personal Data , and Law 7472 on the Promotion of Competition and Effective Consumer Defense .

Additional comments regarding the legal situation for trading, social trading or signalling platforms or what FinTech’s must be aware of in this business area

N/A

Economic conditions

Market size for trading, social trading or signalling platforms and biggest companies in this business area

We do not have current records regarding the market for trading, social trading and signaling platforms. However, while in Costa Rica there is no official count of how many FinTechs are operating, the truth is that there is a group of startups and consolidated companies that have experienced considerable growth in recent years providing said services.

Additional comments regarding the economic situation for trading, social trading or signalling platforms or what FinTech’s must be aware of in this business area

N/A

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