Crypto Law Profile
Chile’s Fintech Law brings technology-based financial services, including cryptoasset-linked instruments, under CMF oversight, with Open Finance still phasing in.
Chile’s Fintech Law, Law No. 21,521, is the country’s core statute for technology-based financial services and a key legal reference for cryptoasset activity that falls within Chile’s financial-market perimeter. Published in January 2023 and generally effective from February 2023, the law gives the Comisión para el Mercado Financiero (CMF) supervisory authority over regulated fintech services and uses a definition of “virtual financial assets or cryptoassets” within its broader treatment of financial instruments. As of June 8, 2026, the law is partially effective: the Title II regime for financial technology service providers is in force, while the Open Finance system remains in phased implementation.
The statute defines virtual financial assets or cryptoassets as digital representations of units of value, goods, or services, excluding money in national or foreign currency, that can be transferred, stored, or exchanged digitally. It also defines a financial instrument to include an intangible asset designed, used, or structured to generate monetary returns, represent unpaid debt, or represent a virtual financial asset.
This structure does not create a stand-alone crypto exchange statute. Instead, cryptoasset-related activity becomes relevant when a token, platform, advisory activity, custody arrangement, transaction system, or intermediation model fits within the law’s defined financial-technology services or within CMF rules issued to implement the law.
Title II brings specified technology-based financial services within the CMF perimeter. The regulated services are:
For cryptoasset market participants, the most relevant categories are likely to be alternative transaction systems, intermediation, custody, order routing, and investment advice, depending on the facts of the service and the instrument involved.
Professional providers of the regulated services generally must be entered in the CMF’s Registro de Prestadores de Servicios Financieros and, for several activities, obtain authorization before beginning the service. The law also allows certain already supervised financial institutions to provide specified fintech services under their existing regulatory perimeter or supplementary CMF rules.
The statute assigns CMF rulemaking authority for registration, authorization, information delivery, governance, risk management, capital, guarantees, operational capacity, and related obligations. NCG No. 502, issued in January 2024 and effective from February 3, 2024, is the central CMF rule for the Title II provider regime. Later CMF updates refined those rules, including amendments for existing supervised institutions that provide fintech services without separate registration.
The custody provisions are important for cryptoasset-linked instruments because the law defines custody as holding financial instruments, money, or foreign currency for or on behalf of third parties in connection with financial-instrument flows, sales, purchases, or collateral. Intermediaries, order routers, and custodians may become subject to guarantee, minimum capital, governance, risk-management, cybersecurity, and information-security standards when statutory thresholds and CMF rules apply.
The law also amends Chile’s anti-money laundering framework. It adds certain registered financial service providers and payment-initiation providers to the reporting perimeter of Law No. 19,913 and allows the Unidad de Análisis Financiero to issue differentiated and proportional instructions based on the nature and risk of the relevant operations. Separately, providers of Article 2 services must report annually to Chile’s tax authority on customer balances and transactions involving covered financial instruments.
Title III creates Chile’s Sistema de Finanzas Abiertas, a consent-based open finance framework for the secure exchange of customer financial data and payment-initiation services. CMF issued NCG No. 514 in July 2024 to regulate the system. In June 2026, CMF amended that rule, incorporated a technical annex, and postponed entry into force to July 2027, with greater implementation graduality and testing arrangements.
This profile is a legal-reference summary of the cryptoasset and fintech-facing provisions of Law No. 21,521. It does not address every amendment made by the law and should not be read as legal, tax, investment, or compliance advice.
Defines cryptoassets as transferable, storable, or exchangeable digital representations of value, goods, or services, excluding money.
Regulates crowdfunding, alternative transaction systems, credit and investment advice, custody, order routing, and intermediation.
Professional providers generally must register with CMF, and certain activities require authorization before beginning service.
Custodians and intermediaries may face guarantees, minimum capital, governance, risk, cybersecurity, and information-security standards.
Amends Chile’s AML law to cover specified registered fintech providers and payment-initiation providers, with risk-based UAF instructions.
Creates a consent-based financial-data and payment-initiation framework; CMF postponed SFA entry into force to July 2027.
Law No. 21,521 was promulgated by President Gabriel Boric and the Ministry of Finance.
The law was published in Chile’s official gazette as Ley Núm. 21.521.
General provisions entered into force 30 days after publication, subject to statutory exceptions.
CMF issued the central rule for registration, authorization, and obligations of Title II fintech providers.
NCG 502 entered into force, completing the regulatory framework for the seven Title II services.
CMF issued NCG 514 for the Sistema de Finanzas Abiertas under Title III.
CMF added prior-notice instructions for traditional supervised entities providing Ley Fintec services.
CMF incorporated a technical annex and postponed SFA entry into force to July 2027.
Banco Central de Chile, Comisión para el Mercado Financiero, Servicio de Impuestos Internos, Unidad de Análisis Financiero
Cryptoassets, Digital payment representations, Tokenized financial instruments
This profile focuses on Law No. 21,521’s cryptoasset and financial technology provisions. It does not summarize every corporate, banking, insurance, tax, or market-law amendment in the statute.
