Estate Planning in Costa Rica: The Living Trust

Crypto in Costa Rica: What You Need to Know About Bill 23.415

Costa Rica is moving toward defining its stance on digital currencies through Bill 23.415, formally known as the “Cryptoassets Market Law.” While many countries are still debating how to regulate cryptocurrencies, this proposed legislation seeks to create a clear and structured legal framework for the use and circulation of cryptoassets in Costa Rica. Before you start spending Bitcoin at your local café, here’s what this bill could change.

What Is Bill 23.415 About?

The primary objective of the bill is to promote the legal use of cryptoassets without declaring them legal tender. In other words, cryptocurrency won’t replace the Costa Rican colón, but it could become a more legitimate and regulated option for private and commercial use.

Key Highlights of the Bill

The bill introduces comprehensive regulation of activities such as crypto mining, commercial use, exchanges and transfers, and custody and management. Public authorities would have the ability to intervene when necessary, aiming to ensure transparency and legality.

It also recognizes cryptocurrencies as virtual private currencies. Unlike El Salvador, which made Bitcoin legal tender, Costa Rica’s bill treats crypto as private currency. You can use them for transactions, and businesses may choose to accept them, but they won’t have the same legal status as government-issued money. Even so, this marks a significant step toward legitimizing crypto use.

To encourage adoption, the bill includes tax exemptions for individuals using crypto for private transactions. However, businesses acting as intermediaries—such as exchanges—will still need to comply with standard tax obligations, consistent with national fiscal policy.

In terms of oversight, the bill aims to reduce risks like fraud and money laundering by requiring crypto businesses to implement Know Your Customer (KYC) procedures and follow Anti-Money Laundering (AML) standards. This reflects an intent to balance responsible innovation with consumer protection.

What Does the Central Bank of Costa Rica Say?

The Central Bank of Costa Rica (BCCR) has stated that cryptocurrencies are not illegal, though they are not backed by tangible assets and not considered legal tender. Their use is allowed in private transactions. While the bank remains cautious due to concerns over volatility and limited consumer safeguards, it has not banned their use. Instead, it supports ongoing monitoring and risk assessment.

Where Things Stand Now

Bill 23.415 is currently under discussion in Congress. It has not yet been passed or enacted, and its future depends on the outcomes of ongoing legislative debate.

What’s Next?

If approved, the government will need to define clear implementation timelines and mechanisms for regulatory enforcement. For now, stakeholders in the crypto space are observing developments closely.

Costa Rica’s Bill 23.415 is a strong indication that the country is open to embracing the crypto economy on its own terms. Whether you are a crypto enthusiast, investor, or just curious about blockchain in Latin America, this is a development worth watching.

Stay tuned—big changes might be on the horizon.
For more information or legal guidance, contact Maria Fernanda Baudrit at mbp@quatro.legal

Disclaimer: The information provided in this blog post is for general informational purposes only and is not intended to constitute legal advice. While we strive to ensure the accuracy and timeliness of the content, laws and regulations are subject to change. For the most accurate and up-to-date information, please contact our office directly. Some images may be AI generated.