Crypto regulation in Chile: the Fintech Law, CMF, UAF and the Central Bank

The Fintech Law on one page

Law 21,521 was published in the Official Gazette on January 4, 2023 and took effect thirty days later, on February 3, 2023. It regulates seven technology-based services:

• crowdfunding platforms;
• alternative trading systems;
• credit advisory;
• investment advisory;
• custody of financial instruments;
• order routing;
• brokerage of financial instruments.

The key for crypto is that the law includes crypto assets among “financial instruments”. That is why an exchange that brokers or holds crypto needs CMF registration and authorization.

“Activos financieros virtuales o criptoactivos: representación digital de unidades de valor, bienes o servicios, con excepción de dinero, ya sea en moneda nacional o divisas, que pueden ser transferidos, almacenados o intercambiados digitalmente.” In English: a digital representation of units of value, goods or services, other than money in national or foreign currency, that can be transferred, stored or exchanged digitally.

Law 21,521, article 3, per the BCN technical advisory (Dec 2024)

CMF registration and authorization

The CMF keeps the Registry of Financial Service Providers (RPSF), and General Rule NCG 502 governs how providers register and get authorized. Companies already operating before the law had until February 3, 2025 to apply.

When that deadline closed there were 335 applications, including 65 for brokerage, 32 for alternative trading systems and 23 for custody; on that date 26 had been approved, all for investment advisory. In 2026 the CMF began deciding brokerage applications: on June 26 it reported seven rejections.

For users, the practical rule is simple: check the platform's status for the service you use, because registration alone is not authorization.

The UAF: anti-money-laundering

The Fintech Law amended Law 19,913: registered providers offering crowdfunding, alternative trading systems, custody or brokerage became reporting entities before the Financial Analysis Unit (UAF).

UAF Circular No. 62, of March 19, 2025, set rules for transfers — the so-called “travel rule”: from USD 1,000, a transfer must carry data on the sender and the recipient. For Fintech Law providers it applies from July 1, 2025. That is why an exchange may ask you for details about the source or destination wallet.

Open finance

Chile's Open Finance System will let your financial data move between institutions with your consent. The CMF set its rules in NCG 514 (July 2024) and in June 2026 amended them to push the start to July 2027, with a pilot testing period, a prior technology sandbox and simplified participation for smaller entities. At Blockchain Summit Latam in August 2026, the CMF set July 3, 2027 as the start date, and on September 30 it launched the ATENA technology sandbox, built with the IDB, so institutions can test their systems before then.

The Central Bank: stablecoins and a digital peso

The Fintech Law gave the Central Bank powers to regulate the issuance of stablecoins and their use as a means of payment. In its August 2026 Payment Systems Report it announced it will put a regulatory framework out for consultation, and its governor said the proposal will be presented toward the end of 2026, complementing CMF regulation. As of Nov 3, 2026 it had not yet been opened for consultation.

On a retail central bank digital currency (a digital peso), the Bank has not yet decided whether to issue one. In 2026 it tested wholesale central bank money with tokenized instruments, and clarified that this test is not a decision to issue.

Timeline

1. May 14, 2018The SII states that cryptocurrencies are not legal tender or foreign currency (Official Letter No. 963).
2. Jan 4, 2023Law 21,521, the Fintech Law, is published.
3. Feb 3, 2023It takes effect.
4. Jul 3, 2024NCG 514 sets the rules for the Open Finance System.
5. Feb 3, 2025Deadline for existing companies to apply for registration and authorization.
6. Jul 1, 2025The UAF Circular No. 62 travel rule applies to Fintech providers.
7. Aug 26, 2025The SII creates sworn statements 1963 and 1964 for crypto-asset service providers.
8. Jun 1, 2026The CMF pushes the start of open finance to July 2027.
9. Jun 30, 2026First filing of sworn statements 1963 and 1964 with the SII.
10. Sep 30, 2026The CMF launches ATENA, the open finance technology sandbox.
11. Late 2026Central Bank regulatory proposal on stablecoins.
12. Jul 3, 2027The Open Finance System takes effect.

This summary is informational and does not replace legal advice.