Chile regulates stablecoins and antifraud controls

The Central Bank of Chile said it will put a new framework for stablecoins used as a means of payment out for public consultation, while the Public Prosecutor’s Office formed the National Table Against Transnational Financial Fraud and the CMF published rule changes that affect banks and card issuers. Taken together, the measures increase pressure on compliance, operations and antifraud coordination across Chile’s financial system.

What did the Central Bank say about stablecoins and instant payments?

The Central Bank of Chile announced that it will publish for consultation a new regulatory framework for stablecoins and that it will also refine the regulation of the Instant Payment System, with a focus on strengthening it and making it easier for merchants to use. According to the central bank itself, the draft stablecoin rule should go out for consultation toward the end of this year and become effective next year.

In an interview published by Chócale, Claudio Raddatz, head of the Financial Policy Division at the Central Bank, said the agency’s role will focus on regulating payment initiators that assume payment obligations or hold customer funds above certain thresholds. The central bank’s payment systems report adds that the stablecoin framework will set prudential and operational conditions for issuing them as a means of payment in Chile.

What requirements does that regulatory framework open up?

The new setup points to obligations tied to risk management, reserve custody and possible additional cybersecurity and operational continuity requirements for entities involved in these schemes. The Central Bank also linked improvements to the Instant Payment System with new operational demands and possible security and resilience requirements for banks, payment service providers and fintechs.

That matters for financial players that operate, or plan to operate, with these instruments, because the scope is not limited to a general rule set, but to concrete conditions for issuance and use as a means of payment. That leaves the sector facing a discussion that combines financial prudence, payment operations and technical controls.

How did Chile coordinate against financial fraud?

The Public Prosecutor’s Office formed the National Table Against Transnational Financial Fraud on August 17, 2026, with participants including ANCI, CMF, UAF, SERNAC, SII, BancoEstado, ABIF, ARF and NIC Chile. Its stated goal is to coordinate the prevention, detection and prosecution of fraud affecting the financial system and its users.

According to El América, the agreement behind the table sets out a strategic framework for intersectoral cooperation and coordination and includes a commitment to systematic exchanges of statistical and technical information among the participating institutions, while preserving legal powers and data confidentiality. ARF also said it formally signed the agreement and noted that it represents the main payment instrument issuers and support companies in Chile’s issuing business.

What other signals did the CMF give on supervision and compliance?

The CMF kept up a control and rulemaking agenda with two recent moves, a sanction against Nevasa S.A. Corredores de Bolsa and an update on expired claims. Diario Estrategia reported that the brokerage was fined 6,000 UF under Resolution No. 8334 for providing false information about its financial condition, in a case not specifically tied to cybersecurity.

At the same time, the CMF announced Circular No. 2,374, which modifies Chapter 2-13 of the Updated Compilation of Rules for banks and Circular No. 1 for nonbank payment card issuers. The update states that expired claims must be transferred by operation of law to the National Association of Fire Departments of Chile, changing the destination of unclaimed funds for banks and nonbank issuers.

What changed for banks and card issuers?

Circular No. 2,374 adjusts the treatment of unclaimed funds and changes reporting and transfer rules for banks and nonbank card issuers. According to the international regulatory alert consulted, this requires operational and compliance updates in both groups of entities.

Those changes add to signs that the sector is folding regulatory obligations into internal programs. A job posting in Chile asked for an information security and cybersecurity lead to design and implement a continuous awareness and CMF compliance program aimed at employees, subsidiaries and customers, showing that the commission’s requirements are already being absorbed into internal control structures.