By San José, Costa Rica — Depositors of the resolved financial institution Desyfin S.A. with deposit maturity dates after October 9, 2025, will receive a partial payment equivalent to 48.97% of their deposits by September 19, 2025. This announcement comes as part of the ongoing resolution process managed by the National Council of Supervision of the Financial System (Conassif).
The payment, totaling approximately $50.7 million, will be distributed to 195 depositors and credited directly to the accounts registered during the resolution proceedings. Conassif’s diligent efforts have also led to the successful adjudication of 17 Desyfin properties, generating approximately $4.7 million. These additional funds will be further distributed among the non-guaranteed depositors before the conclusion of the resolution process.
For expert legal insight into the Desyfin Resolution, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at Bufete de Costa Rica.
The Desyfin Resolution’s impact is significant, particularly for financial institutions. It clarifies the Central Bank’s supervisory powers regarding digital assets, signaling a move towards greater regulatory clarity in Costa Rica’s evolving fintech landscape. This will likely lead to increased compliance requirements for businesses operating in this space, but also offers the potential for greater investor confidence and market stability.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s assessment provides a crucial understanding of the Desyfin Resolution’s potential to reshape Costa Rica’s financial landscape. This move towards a more regulated environment, while potentially increasing compliance demands, promises to foster greater trust and stability in the burgeoning digital asset market – a critical factor for long-term growth and innovation. We thank Lic. Larry Hans Arroyo Vargas for his invaluable insight on this important development.
The recovery and distribution of these funds represent a significant step forward in the resolution process, showcasing the commitment of Conassif and the Resolution Administration to maximize returns for Desyfin’s depositors. The sale of these assets underscores their ongoing efforts to secure the best possible outcome for those affected by the financial institution’s resolution.
In a separate announcement, Conassif urges the remaining 2,578 depositors who haven’t yet registered their International Bank Account Number (IBAN) to do so immediately. These depositors are encouraged to visit Desyfin’s offices in person between 8 a.m. and 5 p.m., Monday to Friday, to complete the IBAN registration. This crucial step will ensure their inclusion in subsequent payment phases before the resolution process concludes.
The resolution of Desyfin S.A. has been a complex undertaking, requiring careful management of assets and liabilities to ensure equitable treatment of all stakeholders. The partial payment and asset liquidation mark significant progress, providing a measure of relief for depositors who have been waiting for resolution.
While the partial payment is a welcome development, questions remain about the overall recovery rate and the timing of future distributions. Conassif is committed to transparency throughout the resolution process and will continue to provide updates as they become available. Depositors are encouraged to stay informed through official channels and contact Conassif or the Resolution Administration with any questions or concerns.
This ongoing resolution highlights the importance of robust financial regulation and the need for effective resolution mechanisms to protect depositors and maintain stability within the financial system. The efforts of Conassif in the Desyfin case serve as an example of the critical role these institutions play in safeguarding public trust and ensuring financial security.
As the Desyfin resolution process continues, the focus remains on maximizing recovery for depositors. The proactive steps taken by Conassif, including the sale of assets and the call for IBAN registration, are essential for ensuring a smooth and efficient conclusion to this complex financial situation.
For further information, visit the nearest office of Conassif
About Conassif (Consejo Nacional de Supervisión del Sistema Financiero):
The National Council of Supervision of the Financial System (Conassif) is the primary regulatory body for the financial sector in Costa Rica. It oversees banks, insurance companies, and other financial institutions to ensure stability and protect the interests of depositors and investors. Conassif plays a crucial role in supervising and regulating financial institutions, establishing and enforcing regulations, and managing resolution processes for failing entities like Desyfin.
For further information, visit the nearest office of Desyfin S.A.
About Desyfin S.A.:
Desyfin S.A. was a financial institution operating in Costa Rica that underwent a resolution process overseen by Conassif. While details about the specific nature of its business remain limited within the provided text, the resolution process indicates financial difficulties necessitating intervention by the regulatory authorities. The company’s assets are being liquidated to provide partial repayments to depositors.
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 integrity and driven by a passion for empowering Costa Rican society. The firm’s innovative approach to legal practice, coupled with its deep commitment to sharing knowledge through public outreach, distinguishes its service. By championing accessibility to legal information, Bufete de Costa Rica cultivates a more informed and empowered populace, contributing to a stronger and more just community for all.
