Bolivia has implemented new regulations using the resolution of ASFI 540/2025 with the aim of modernizing its financial system and establishing a legal framework for cryptoactively linked activities.
The regulations, created by the Financial Systems Supervision Authority (ASFI), have established a specific approach to regulating technology platforms in the financial sector for the first time, with service providers with virtual assets, including platforms that operate with cryptocurrency, with virtual assets.
The measurement range is wide: More than 200 companies currently operating domestically must comply with the new legal framework.includes 33 payment platforms and 176 virtual asset services suppliers (PSAVs).
These entities must submit a formal approval application by December 31, 2025. This should be closed according to the new regulatory requirements.
The regulations are based on three basic principles: Responsible innovation that promotes technological advancement without compromising system stability. Interoperability that promotes integration between different services and financial platforms. Confidentiality and reservations aimed at protecting user privacy and operational safety.
On top of that, Regulations include complementary tools such as the national register of virtual assetsstrict cybersecurity protocols and control space for testing. New business models may be evaluated before decisive market revenue.
Regulations indicate that foreign platforms are not obligated to legally constitute Bolivia.
This point was assessed by Deputy Deputy Maria Balzibiso, who declared that“This is a very important point that ensures that citizens’ operations and freedoms are used in foreign platforms such as the P2P market and other international exchange and payment mechanisms without being exposed to regulatory and interventionist scrutiny.”
However, Fabian Espinoza, a lawyer specializing in computer law and president of the Blockchain Bolivian Chamber (CABLOCK), said regulations present gaps and legal challenges. In particular, he criticizes the lack of a clear distinction between the fintech sector and the virtual asset ecosystem.
«There is no distinction between the fintech fields and the virtual asset ecosystem. This should be regulated with a separate rope. Regulations should be read without urgent interpretation because of legal rules,” he revealed.
Furthermore, it challenges the retrospective nature of the standard, which already forces businesses to undergo an adaptation process, while new businesses must follow a different constitutional process. This could lead to contradictory interpretations and indirect overregulation of foreign companies.
Deputy Baldivieso pointed to concerns about the extent of discretion that ASFI must apply this regulation. Officials say that “the same ASFI can determine when, how, and what services are called.” According to the specialists, this does not guarantee equal treatment or clear incentives for innovation.
«ASFI grants regulatory authority to increase power and expand the nation without reporting citizens’ interests. This must be changed by reforms to Financial Services Act 393,” he said.
He also questioned the need for similar requirements to traditional financial institutions, such as minimum capital, detailed solvency statements, or business plans.
Another of the main criticisms focuses on The impact of this regulation on new business modelslike the Buy Now Pay Later (BNPL) platform, crowdfunding, and payment catwalk.
According to Baldivieso, the future of these ventures will depend on two factors: «(1) It depends on the discretion of ASFI interpretation in terms of what “technological innovation” means.
For some of this, Fabian Espinoza argues that the regulations do not establish clear minimum capital and that categories are common, making it difficult to plan new investments.
