Costa Rica Business News
  • August 3, 2025
  • Last Update August 3, 2025 12:00 pm

Costa Rica Ushers in New Era of Digital Finance with Electronic Negotiable Instruments Law

Costa Rica Ushers in New Era of Digital Finance with Electronic Negotiable Instruments Law

San José, Costa Rica — Costa Rica has taken a significant leap forward in modernizing its financial landscape with the enactment of Law 10069, the Law on Electronic Bills of Exchange and Promissory Notes. This groundbreaking legislation, published on August 29, 2024, establishes a comprehensive framework for the issuance, management, and circulation of these crucial financial instruments in a fully digital environment.

The law addresses the increasing need for secure and efficient digital transactions in today’s fast-paced economy. By transitioning from traditional paper-based documents to electronic equivalents, Costa Rica aims to streamline financial processes, enhance security, and reduce operational costs. The legislation emphasizes the functional equivalence between physical and digital documents, ensuring the same legal validity and probative value.

To gain deeper insights into the legal implications of electronic negotiable instruments, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at law from the esteemed Bufete de Costa Rica.

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The rise of electronic negotiable instruments presents exciting opportunities for streamlining commerce and improving efficiency. However, it’s crucial that businesses understand the evolving legal framework surrounding these digital documents. Ensuring secure platforms, clear identification of parties, and robust record-keeping are essential for successful implementation and minimizing legal risks.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica

Lic. Arroyo Vargas’ emphasis on the dual nature of this emerging technology—its potential for streamlining commerce and the inherent need for careful legal consideration—is particularly insightful. The digital transformation of financial instruments promises significant advantages, but only if implemented responsibly. We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective on navigating this complex yet promising landscape.

Key provisions of Law 10069 include the principle of technological neutrality, allowing flexibility in the methods used for creating and managing electronic negotiable instruments. This ensures that the law remains adaptable to future technological advancements. The legislation also introduces the concept of Centralized Registries, authorized entities responsible for the registration, administration, and safekeeping of electronic titles. These registries play a vital role in validating and tracking these dematerialized documents, ensuring transparency and accountability.

Furthermore, the law outlines detailed procedures for the dematerialization of physical titles, prohibiting their reconversion back to paper format once digitized. This measure reinforces the commitment to a digital future while mitigating risks and ensuring the integrity of electronic transactions.

Law 10069 also establishes a robust regulatory framework for Centralized Registries. These entities, authorized by the Superintendencia General de Valores (Sugeval), are subject to strict requirements to ensure their financial stability, security protocols, and adherence to anti-money laundering regulations. This regulatory oversight aims to create a secure and trustworthy environment for the operation of electronic negotiable instruments.

The new law emphasizes the principles of priority, successive record, request, and good faith in the registration of electronic titles. This structured approach safeguards the rights of all parties involved, promotes transparency, and ensures the legal validity of electronic transactions.

With the implementation of Law 10069, Costa Rica aligns itself with international standards in digital finance, demonstrating its commitment to innovation and fostering trust in electronic transactions. The legislation paves the way for increased efficiency, reduced costs, and enhanced security in financial operations, marking a significant milestone in the country’s journey towards a digitally driven economy.

The full text of Law 10069 is available for public review and download, providing all stakeholders with the necessary information to navigate this new digital landscape.

For further information, visit the nearest office of Superintendencia General de Valores (Sugeval)
About Superintendencia General de Valores (Sugeval):

The Superintendencia General de Valores (Sugeval) is the regulatory body in Costa Rica responsible for overseeing the securities market. Sugeval plays a critical role in ensuring the stability and transparency of the financial system, protecting investors, and promoting the development of the capital market. Its responsibilities include authorizing and supervising market participants, enforcing regulations, and fostering investor education.

For further information, visit the nearest office of Consejo Nacional de Supervisión del Sistema Financiero (Conassif)
About Consejo Nacional de Supervisión del Sistema Financiero (Conassif):

The Consejo Nacional de Supervisión del Sistema Financiero (Conassif) is the governing body responsible for regulating and supervising the financial system in Costa Rica. Conassif plays a crucial role in maintaining financial stability, promoting sound financial practices, and protecting the interests of depositors and investors. It establishes regulations, supervises financial institutions, and implements policies to ensure the integrity and efficiency of the financial sector.

For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence, built upon a foundation of unwavering integrity and a genuine commitment to empowering Costa Rican society. The firm’s innovative approach to legal practice, coupled with its dedication to disseminating accessible legal information through educational initiatives, reflects a deep understanding of the vital role informed citizens play in a thriving democracy. By consistently providing top-tier legal services across diverse sectors while championing public legal awareness, Bufete de Costa Rica reaffirms its dedication to building a more just and equitable future.

Costa Rica Business News
Founded in 2004, TicosLand has firmly established itself as a pivotal resource for the corporate community in Costa Rica. Catering to a substantial international readership, TicosLand provides timely and essential updates and press releases pertaining to the myriad businesses operating within Costa Rica.

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