Chile Fintech Law (Ley Fintech) Registration Guide: CMF License for Investment Advisors & Fintech Companies (2025)

Complete guide to registering under Chile's Fintech Law (Law No. 21,521) with the CMF. Covers eligible services, registration requirements for companies and individuals, NCG 493, and how Zitadelle AG supports your Chile fintech license application.

Chile Is Becoming Latin America's Leading Fintech Jurisdiction

Chile has firmly established itself as one of the most advanced and business-friendly fintech markets in Latin America. With a stable economy, strong rule of law, and a proactive financial regulator, Chile is increasingly the jurisdiction of choice for fintech companies, investment platforms, and digital financial service providers looking to establish a regulated presence in the region.

The passage of Law No. 21,521 — Chile's Fintech Law — in January 2023, followed by General Rule No. 493 (NCG 493) issued by the Financial Market Commission (Comisión para el Mercado Financiero, or CMF), created the first comprehensive legal framework for fintech regulation in Chile. For any company or individual offering regulated financial services digitally in Chile, understanding and complying with this framework is now a legal requirement.

This guide explains exactly what the Fintech Law covers, who needs to register, what documents are required, and how Zitadelle AG supports clients through the full CMF registration process.

What Is Chile's Fintech Law (Law No. 21,521)?

Law No. 21,521, commonly referred to as the Ley Fintech, was published in January 2023 and came into force as Chile's primary legislation governing financial services delivered through digital platforms and emerging technologies. It was designed with five core objectives:

1. Encourage financial innovation by providing legal clarity for digital service providers

2. Promote financial inclusion for individuals and small and medium enterprises (SMEs)

3. Increase competition within the financial sector

4. Strengthen investor and consumer protection across digital financial platforms

5. Provide a "regulated and supervised" status that gives fintech operators legitimacy with banks, partners, and clients

The law is administered and enforced by the CMF (Comisión para el Mercado Financiero), Chile's primary financial services regulator — equivalent in function to regulators like ASIC in Australia or the FCA in the UK.

Which Services Are Regulated Under Chile's Fintech Law?

The Fintech Law applies to any entity or individual providing the following services through digital platforms or technological means:

1. Crowdfunding platforms — connecting investors with businesses or projects seeking funding

2. Alternative transaction systems — platforms facilitating the exchange or trading of financial instruments outside traditional exchanges

3. Credit and investment advisory services — providing recommendations or guidance on investment decisions or credit products

4. Custody of financial instruments — safeguarding clients' financial assets on their behalf

5. Financial instrument intermediaries — acting as intermediaries in the purchase or sale of financial instruments

6. Order routing services — transmitting client orders to execution venues or other intermediaries

If your business model falls into any of these categories and operates digitally in Chile, registration with the CMF under the Fintech Law is mandatory before you can legally solicit or serve Chilean clients.

How to Register with the CMF Under NCG 493

All entities and individuals providing regulated fintech services in Chile must register in the Registry of Financial Service Providers (Registro de Prestadores de Servicios Financieros), maintained by the CMF. The registration process and requirements are set out in General Rule No. 493 (NCG 493), issued February 3, 2023.

Registration Requirements for Legal Entities (Companies)

Companies applying for CMF registration under the Fintech Law must be structured as legal persons whose exclusive corporate purpose is the provision of the relevant financial service (e.g., investment advisory). A mixed-purpose company cannot register under this framework.

Required documentation for corporate applicants:

• Formal application signed by the legal representative

• Corporate identification — legal name, Tax ID (RUT), registered address, and contact details

• Identification of all partners, directors, and principal shareholders holding 10% or more of capital or voting rights

• Articles of incorporation and all amendments registered in the past 10 years

• Current certificate of good standing (Certificado de Vigencia)

• Declaration confirming the entity is not subject to bankruptcy or insolvency proceedings

• Description of the specific services to be provided under the Fintech Law

• Authorization to access and use the SEIL system (Sistema de Envío de Información en Línea) — the CMF's official electronic data transmission platform

Registration Requirements for Natural Persons (Individuals)

Individual advisors and service providers may also register directly with the CMF under the Fintech Law, provided they meet the following eligibility conditions:

• Services are provided exclusively to specific, identified individuals or legal entities (not to the general public)

• The individual has not reached more than 100,000 recipients in the preceding year via social media or digital channels

• The individual is not subject to any disqualifying circumstances under Chilean law

Required documentation for individual applicants:

• Full identification and contact details

• Required statutory affidavits (declaraciones juradas)

• Authorization to use the SEIL system

Key Compliance Considerations After CMF Registration

Registering with the CMF is the starting point, not the finish line. Once registered under the Fintech Law, entities and individuals take on ongoing obligations, which typically include:

• Ongoing disclosure requirements to the CMF regarding material changes to the business, ownership, or services offered

• Consumer protection obligations — including clear disclosure of fees, risks, and terms to clients

• AML and KYC compliance — fintech operators must implement anti-money laundering and know-your-customer procedures in line with Chilean law

• Data protection compliance — adherence to Chile's personal data protection framework (currently being updated under new data protection legislation)

• Annual or periodic regulatory reporting to the CMF

Failure to maintain compliance after registration can result in suspension or removal from the CMF's registry, which prohibits continued operation in Chile.

Chile Fintech Law vs Other Latin American Jurisdictions

Chile's Fintech Law is one of the most structured and enforceable fintech regulatory frameworks in Latin America. Here's how it compares to comparable jurisdictions:

Chile's relative stability, clear legislation, and strong CMF enforcement make it a preferred entry point for fintech firms targeting the broader Latin American market.

Who Should Consider Registering Under Chile's Fintech Law?

The Fintech Law registration pathway is relevant for a wide range of businesses, including:

• Digital investment advisory platforms targeting Chilean retail or institutional investors

• Robo-advisory services providing automated investment recommendations

• Crowdfunding platforms connecting investors with SMEs or real estate projects

• Peer-to-peer lending platforms

• Financial instrument brokers or intermediaries operating via apps or online platforms

• Order routing and execution services for retail investors

• Foreign fintech companies expanding into Chile from Europe, Asia, or other Latin American markets

• Traditional financial firms launching digital product lines that fall within the Fintech Law's scope

Frequently Asked Questions: Chile CMF Fintech Registration

Do I need to be a Chilean company to register under the Fintech Law? Foreign companies may need to establish a local legal entity in Chile, depending on the nature and scale of their operations. The CMF's registration requirement applies to entities operating "in Chile," which broadly captures digital services directed at Chilean clients. Zitadelle AG can advise on the appropriate structure for your specific situation.

How long does the CMF registration process take? Processing timelines vary based on application completeness and the CMF's current workload. A well-prepared application with all required documents typically progresses faster. Zitadelle AG's experience with CMF submissions helps minimize delays caused by incomplete documentation or procedural errors.

Is there a minimum capital requirement to register under the Fintech Law? Law No. 21,521 and NCG 493 do not prescribe a single fixed capital requirement applicable to all service categories. Capital adequacy requirements may vary by service type and are subject to CMF assessment. We recommend seeking specific advice based on your intended services.

What is the SEIL system and why is it required? SEIL (Sistema de Envío de Información en Línea) is the CMF's secure online platform for regulatory data submission and ongoing reporting. All registered entities must obtain authorization to use SEIL as part of the registration process and for subsequent compliance filings.

Can individual financial advisors register, or is it only for companies? Both legal entities and natural persons (individuals) can register under the Fintech Law, subject to different eligibility criteria. Individuals face specific limits on the scale of their services, including a cap of 100,000 recipients reached via digital/social channels in the prior year.

What happens if I operate in Chile without CMF registration? Providing regulated fintech services in Chile without CMF registration constitutes a legal violation. The CMF has enforcement powers to issue public warnings, cease-and-desist orders, fines, and referrals for criminal prosecution in serious cases.

Does the Fintech Law cover cryptocurrency services? Crypto and virtual asset services are not fully incorporated into the current Fintech Law framework, though the CMF and Chilean government are developing complementary regulation for this sector. Businesses offering crypto-related services in Chile should seek specific legal advice on their regulatory status.

How Zitadelle AG Supports Your Chile CMF Registration

Zitadelle AG is a specialist regulatory advisory firm with experience guiding fintech companies, investment advisors, and financial service providers through licensing and registration across multiple jurisdictions — including Chile, Australia (AFSL), BVI (SIBA), Mauritius, Labuan, and Vanuatu.

Our Chile Fintech Law service covers the full registration lifecycle:

• Eligibility assessment — confirming which Fintech Law categories apply to your business model

• Entity structuring advice — advising on the optimal corporate structure to meet the CMF's exclusive purpose requirement

• Full application preparation — drafting and compiling all required documents, affidavits, corporate records, and CMF forms

• SEIL system setup — guiding you through the technical authorization process

• CMF submission and liaison — managing the submission process and responding to CMF queries on your behalf

• Ongoing compliance advisory — keeping your registration current and your obligations met after authorization

Whether you are a fintech startup entering Chile for the first time, a foreign investment platform looking to serve Chilean clients compliantly, or an established regional operator seeking to formalize your regulatory status under the new framework — Zitadelle AG provides the expertise and hands-on support to get it right.

Start Your Chile Fintech Registration Today

Chile's Fintech Law has opened a clear, regulated pathway for digital financial service providers to operate legitimately in one of Latin America's strongest economies. Early registration establishes your credibility with clients, partners, and financial institutions — and avoids the growing enforcement risk as CMF oversight matures.

Book a free consultation with Zitadelle AG to assess your eligibility, understand your obligations, and begin your CMF registration with confidence.