Costa Rican congresswoman proposes bill to regulate, recognize cryptocurrency

Costa Rican Congresswoman Johana Obando proposed a bill titled “Cryptoassets Market Law (MECA),” to regulate and recognize cryptocurrency in the Central American country. The bill seeks to grant legal certainty to fintech companies, encouraging the digital economy’s growth and crypto-asset adoption.

Johana Obando expressed her belief that the bill will open up Costa Rica to foreign investors and fintech companies as well as create job opportunities for Costa Ricans. Additionally, the bill aims to preserve individual virtual assets, self-custody of crypto assets, and decentralization without interference from the Costa Rican government or banks.