Honduras Tightens Crypto Regulations, Prohibits Bank Transactions and Holdings
The National Banking and Securities Commission of Honduras (CNBS) has passed a resolution prohibiting the country’s financial institutions from engaging in cryptocurrency-related activities.
The CNBS stated that crypto transactions cannot be guaranteed by the Honduran central bank due to the lack of regulation in the sector.
The resolution highlights the risks associated with cryptocurrencies and blockchain-based financial services, including potential fraud, operational issues, and legal risks.
It also emphasizes the possibility of cryptocurrencies losing acceptance as a means of payment since they are not legally recognized.
The resolution further expresses concerns about the unregulated nature of crypto assets, which can be exploited for fraudulent schemes, money laundering, and financing terrorism.
As a result, the CNBS has mandated that institutions under its supervision refrain from maintaining, investing, intermediating, or operating with cryptocurrencies.
“Prohibit institutions supervised by the National Banking and Securities Commission from maintaining, investing, intermediating or operating with cryptocurrencies, crypto assets, virtual currencies, tokens or any other similar virtual asset.”
Additionally, supervised institutions are prohibited from holding derivative instruments based on crypto assets.
The resolution also emphasizes the need to incorporate information about the risks associated with crypto assets into financial education programs.
It is important to note that the resolution does not affect the operations of crypto exchanges in Honduras, which continue to operate without restrictions.
The CNBS, as part of the Honduran presidential administration, unanimously approved the resolution, which takes immediate
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