Bolivia's ASFI adds 36 fintech firms to oversight

Bolivia's Financial System Supervisory Authority, ASFI, has brought 36 financial technology companies into its regulatory and supervisory process. According to information released by the regulator and picked up by local media, 23 are operating with a Certificate of Adequacy and 13 have received a No Objection to begin incorporation. In all cases, they still must meet regulatory requirements before obtaining an operating license.

What does bringing these fintechs into the system mean?

The move places those companies within ASFI's supervisory perimeter, under a framework designed to organize digital financial services and strengthen transaction security and user protection. El Deber reported that the step is part of Bolivia's broader fintech regulation process.

PYME Noticias added that the firms now under supervision include companies tied to mobile wallets and other digital services. La Prensa, for its part, described that fintech perimeter as covering blockchain solutions, tokenized assets, virtual asset services, payment platforms and financing. That broader view expands the range of businesses now on the regulator's radar.

What is the difference between a No Objection and a Certificate of Adequacy?

A No Objection is an initial stage and does not yet authorize a company to provide financial services to the public, Erbol explained. The Certificate of Adequacy comes later and can include testing under the regulator's supervision, so moving forward in the process does not amount to holding a final license.

El Deber cited Takenos as an example, a platform for receiving and managing international payments that completed its incorporation process in Bolivia but was still pursuing its operating license. The case illustrates the difference between being pulled into the regulatory framework and actually being allowed to operate.

What did ASFI warn about Alpha Trading FX?

ASFI issued an alert about the Alpha Trading FX platform, saying it was attracting interested users through Facebook and then contacting them by WhatsApp or Telegram to request money and personal and financial information. The regulator advised verifying a platform's authorization before transferring funds or sharing data.

Eju.tv repeated that warning and added that the agency linked this type of activity to possible fraud, scams or theft of personal and financial information. ASFI also urged users to check the list of licensed entities before moving money to any digital platform.