FATF 2024 warnings are pushing legislation—after a three-month buffer period, it will take effect, and the implementation details still have to “read the regulators’ mood.” Costa Rica’s crypto business is about to change how it operates.

The Costa Rican Congress passed Law Amendment No. 7786, requiring virtual asset service providers to register with the Superintendency of the Financial System and fulfill AML/CFT obligations such as KYC, due diligence, transaction record keeping, and suspicious transaction reporting, with fines of 5%-50% of the transaction amount or $1,800–$90,000.
It will take effect after three months, with enforcement determined by the regulatory authority, and in response to the FATF 2024 warning to prevent being greylisted.