Summary
- Law No. 10961 was published on 19 June 2026 and takes effect on 19 September 2026. Civil Code article 15 computes a three-month period date to date. Article 15 quater was not in force on 19 August 2026. Ley No. 10961, art. 4 and final clause, Alcance No. 78 a La Gaceta No. 113 (19 June 2026), official PDF pp. 12-13; Código Civil, Ley No. 30, art. 15.
- Article 15 quater requires covered providers to register with SUGEF for AML/CFT/CPF supervision. The registration does not constitute an operating authorisation. A separate sectoral authorisation may apply when the service enters another financial superintendency's remit. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF pp. 4-5.
- No public VASP filing route, VASP register category, current rule, consultation item, or external circular was identifiable on the official channels reviewed by 19 August 2026. That finding cannot exclude unpublished work, unindexed minutes, or instructions supplied privately. SUGEF, Normativa Vigente; Normativa en Consulta; Circulares Externas Vigentes; Consulta Estado Inscripción APNFDs; BCCR, Control Gacetario CONASSIF 2021-2026 (all accessed 19 Aug. 2026).
- The definition covers four service categories and a natural or legal person acting "como negocio" for itself or a third party. CONASSIF must still define the activity reach and the transaction threshold. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF pp. 4 and 6.
- SUGEF must police unregistered operation "en el territorio costarricense" regardless of legal domicile or operating location. The text does not define the territorial nexus for a digital service. No official interpretation was found for a foreign provider with no Costa Rican customers, establishment, solicitation, or other local conduct. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF p. 5.
- Article 4 grants up to three months for implementation but names no responsible body. Article 15 quater assigns defined rulemaking tasks to CONASSIF and SUGEF. The statute contains no separate grace period for incumbent providers after commencement. Ley No. 10961, arts. 1 and 4, official PDF pp. 4-6 and 12.
- Acuerdo SUGEF 11-18 is a process analogue for articles 15 and 15 bis. It does not apply to article 15 quater without amendment or a new instrument. Official materials do not disclose which route CONASSIF or SUGEF intends to use. Acuerdo SUGEF 11-18, arts. 1-2, version 11 (23 Oct. 2023); SUGEF, Normativa Vigente and Normativa en Consulta (accessed 19 Aug. 2026).
- Current SUGEF 11-18 mechanics include the IPO system, sworn application statements, UIF Reportes registration, ownership evidence, AML/CFT/CPF procedures, source-of-funds material, and exclusive IBAN accounts. Ordinary changes are due within three business days. Attorney action is limited to specified exceptional cases. Acuerdo SUGEF 11-18, arts. 3(t), 6-7, 9 and 11, version 11 (23 Oct. 2023).
- Refusal to register may draw a fine of two to one hundred base salaries. For 2026, that range is CRC 924,400 to CRC 46,220,000. The derived USD range is about USD 2,045.99 to USD 102,299.64 at the BCCR reference sale rate of CRC 451.81 per USD on 19 August 2026. Ley No. 10961, art. 3, reforming Ley No. 7786, art. 81, official PDF pp. 11-12; Circular No. 246-2025, Secretaría General de la Corte (17 Dec. 2025); BCCR, Resumen Mercado Financiero (19 Aug. 2026).
Commencement and current status
Law No. 10961 appeared in Alcance No. 78 to La Gaceta No. 113 on 19 June 2026. Article 4 grants up to three months for implementation. The closing clause states: "Rige tres meses a partir de su publicación." Civil Code article 15 calculates month-based periods date to date. Three months from 19 June ends on 19 September 2026. The law was published but not effective on 19 August 2026. Ley No. 10961, art. 4 and final clause, official PDF pp. 12-13; Código Civil, Ley No. 30, art. 15.
SCIJ-SINALEVI records 19 September 2026 as the future effective date for the Law No. 10961 amendments to Law No. 7786. The official sources reviewed disclosed no later amendment, corrective publication, veto, or partial veto through 19 August 2026. SCIJ remained a status cross-check; the Gazette text controls the enacted wording and publication date. SCIJ-SINALEVI, Ley No. 7786, future effects entry for Ley No. 10961 (accessed 19 Aug. 2026); Alcance No. 78 a La Gaceta No. 113 (19 June 2026).
Registration and sectoral authorisations
Upon commencement, a provider within article 15 quater must register with SUGEF. SUGEF will supervise AML/CFT/CPF duties under a risk-based approach and maintain a central, single register. The statute states that registration "no representa una autorización de operación." Article 15 quater therefore creates a registration duty rather than a standalone operating licence. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF p. 4.
The same article preserves other financial-supervision rules. A provider must submit to the relevant superintendency when its virtual-asset activity concerns regulated or supervised financial matters. A flat statement that Costa Rica has no VASP licence is accurate only for the article 15 quater registration itself. The final product map must be tested against any sectoral authorisation rule before launch. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF p. 5.
Article 15 quater also restricts counterparties. Entities under article 14 and registered subjects under articles 15, 15 bis, 15 ter, and 15 quater may not maintain commercial relationships with an unregistered provider. After commencement, registration status can affect banking access and other commercial relationships. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF p. 5.
Covered services and business criterion
Article 15 quater applies to a natural or legal person that acts "como negocio" for itself or on behalf of a third party. The definition contains four categories: exchange between virtual assets and legal tender or between virtual assets; virtual-asset transfers; custody, deposit, administration, or control by any means; and participation in or financial services connected with issuance, marketing, offer, or sale. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF p. 4.
The statute defines a virtual asset as a digital representation of value or funds that can be traded or transferred digitally and used for payments or investments. The definition does not make the asset legal tender or foreign currency recognised by the Central Bank of Costa Rica. CONASSIF must set the reach of the listed activities and the due-diligence threshold. Boundary cases remain unresolved until those rules are issued. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF pp. 4 and 6.
Territorial reach
Article 15 quater directs SUGEF to prevent unregistered persons from operating "en el territorio costarricense." The direction applies regardless of the person's legal domicile or operating location when the person habitually performs a covered activity under any title. This wording supports coverage of a foreign provider whose conduct amounts to operating in Costa Rica. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF p. 5.
The enacted text does not define where a digital service operates. The official materials reviewed contained no test based on customers, marketing, geofencing, a local establishment, or website accessibility. A foreign provider with no Costa Rican customers, establishment, solicitation, or other local conduct has no stated territorial nexus. The quoted clause does not expressly reach that case. A provider serving Costa Rican customers faces a substantial registration risk after commencement. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF p. 5; SUGEF, Normativa Vigente, Normativa en Consulta, Circulares Externas Vigentes, and Consulta Estado Inscripción APNFDs (accessed 19 Aug. 2026).
Public filing availability on 19 August 2026
SUGEF's current-regulation page continued to describe Acuerdo SUGEF 11-18 as the registration rule for articles 15 and 15 bis. The public APNFD status page also remained limited to those provisions. The current consultation page displayed four 2026 items unrelated to Law No. 10961, article 15 quater, virtual assets, or VASPs. SUGEF, Normativa Vigente; Consulta Estado Inscripción APNFDs; Normativa en Consulta (accessed 19 Aug. 2026).
The external-circular index showed no matching 2026 item. Searches of CONASSIF's public site, BCCR's Control Gacetario, and La Gaceta for 19 June through 19 August 2026 produced no VASP implementation instrument. CONASSIF session materials were not available through a complete, text-searchable public index. SUGEF, Circulares Externas Vigentes; CONASSIF public site; BCCR, Control Gacetario CONASSIF 2021-2026; Imprenta Nacional publication search (accessed 19 Aug. 2026).
The public record did not disclose a VASP application channel or filing instructions on 19 August 2026. This finding does not exclude unpublished work, unindexed minutes, or instructions supplied privately. A written inquiry to SUGEF is the next step that can create an official record before commencement.
Implementation powers and transition
Article 4 grants a period of up to three months for due implementation of the law, but it names no responsible body. Article 15 quater allocates defined tasks. CONASSIF must set the conditions for duties in paragraphs (a) through (j), the activity scope, the transaction threshold, and transfer requirements. Ley No. 10961, arts. 1 and 4, official PDF pp. 3-6 and 12.
SUGEF must prescribe measures for checking the backgrounds of participants, associates, and beneficial owners. It must police unregistered operation and decide whether a provider needs a compliance officer or a differentiated structure. The statute therefore divides implementation work between CONASSIF and SUGEF. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF p. 5.
Law No. 10961 contains no separate transitional clause for providers already active in Costa Rica. The registration duty begins when article 15 quater takes effect. The statute does not state how an incumbent should comply if SUGEF has not opened the procedure by that date. The available official materials had not resolved that operational gap by 19 August 2026. Ley No. 10961, official PDF pp. 2-13.
Acuerdo SUGEF 11-18 as a process analogue
Acuerdo SUGEF 11-18 regulates registration and deregistration for persons performing activities under articles 15 and 15 bis. Its stated scope does not include article 15 quater. No official source reviewed indicates whether CONASSIF will amend SUGEF 11-18 or issue a separate instrument. Acuerdo SUGEF 11-18, arts. 1-2, version 11 (23 Oct. 2023); SUGEF, Normativa Vigente and Normativa en Consulta (accessed 19 Aug. 2026).
The current process uses SUGEF's Sistema de Inscripción de Personas Obligadas, or IPO. SUGEF instructions place IPO in SUGEF Directo under the transactions menu. Applications under articles 15 and 15 bis carry sworn-declaration status. Acuerdo SUGEF 11-18, arts. 3(t), 6-7; Circular Externa SGF-0784-2023, paras. 59-64.
Corporate application materials under the current rule address legal representatives, managers, governing and control bodies, attorneys, participants, and beneficial owners. They also address criminal records, sanctions screening, AML/CFT/CPF procedures, client-risk classification, source of funds, UIF Reportes registration, and exclusive IBAN accounts. Depending on the applicant category, ownership evidence may consist of a notarial certification or an RTBF declaration. Acuerdo SUGEF 11-18, arts. 6-7, version 11 (23 Oct. 2023).
The current rule requires ordinary post-registration changes within three business days. The ten-business-day period applies when a change ends every covered activity and requires a deregistration request. Article 11 permits attorney action only for specified exceptional cases involving digital-signature access or legal representation outside the National Registry. Acuerdo SUGEF 11-18, arts. 9 and 11, version 11 (23 Oct. 2023).
A foreign group therefore cannot assume that a local attorney will solve the future filing mechanics. The VASP instrument may adopt different rules for foreign applicants, digital identity, apostilles, local representation, bank accounts, and filing language. Until an official instrument appears, every SUGEF 11-18 process point remains an analogy.
Ownership and management screening
Article 15 quater directs SUGEF to establish measures for checking the backgrounds of a provider's participants, associates, and beneficial owners in relation to Law No. 7786 infractions. SUGEF may also require a compliance officer or authorise a differentiated structure after considering risk, size, operations, staffing, and exposure factors. Ley No. 10961, art. 1, adding Ley No. 7786, art. 15 quater, official PDF p. 5.
Ownership transparency is therefore a material readiness issue. The statute does not define disqualifying records, lookback periods, evidentiary standards, foreign-screening methods, or the consequence of an adverse result. An opaque or adverse ownership record may threaten registration, but the enacted text does not create an automatic disqualification rule.
Sanctions
Article 81, as amended, authorises a fine equal to five to fifty per cent of the total transaction amount for specified recording failures. One category concerns transactions, including transfers to or from abroad, that equal or exceed USD 10,000. The other concerns linked multiple transactions under article 23. Ley No. 10961, art. 3, reforming Ley No. 7786, art. 81(a), official PDF p. 11.
The amended article also authorises fines of two to one hundred base salaries for listed breaches. Refusal to register applies specifically to persons under articles 15 bis and 15 quater. Other listed breaches cover due diligence, records, internal controls, reporting, confidentiality, information production, and prohibited commercial relationships. Ley No. 10961, art. 3, reforming Ley No. 7786, art. 81(b), official PDF pp. 11-12.
Circular No. 246-2025 fixes the 2026 base salary under Law No. 7337 at CRC 462,200. Two salaries equal CRC 924,400, and one hundred equal CRC 46,220,000. Derived conversion: CRC 924,400 divided by 451.81 equals USD 2,045.99; CRC 46,220,000 divided by 451.81 equals USD 102,299.64. The exchange rate is a reader aid and does not alter the statutory fine. Circular No. 246-2025, Secretaría General de la Corte (17 Dec. 2025); BCCR, reference sale rate, 19 Aug. 2026.
Article 81 requires payment within eight business days after notice. An unpaid fine carries a three per cent monthly surcharge on the original amount. Ley No. 10961, art. 3, reforming Ley No. 7786, art. 81, official PDF p. 12.
Legislative history and constitutional review status
Legislative file No. 22.837 was an earlier vehicle that proposed an article 15 quater. The Legislative Assembly's February 2026 dismissed-projects list includes file No. 22.837. Legislative file No. 25.340 became Law No. 10961. Earlier publication of bill text did not enact a second article 15 quater. Asamblea Legislativa, Expedientes Desestimados, Feb. 2026, entry 22.837; Ley No. 10961, title page and enactment page, official PDF pp. 2 and 13.
The July 2026 Sala Constitucional bulletin was the latest monthly bulletin posted by 19 August 2026. Exact searches for Law No. 10961, article 15 quater, virtual assets, and legislative file No. 25.340 found no pending or newly filed action of unconstitutionality in that bulletin or the official search channels reviewed. The August bulletin was not yet posted. The search therefore identifies no challenge, but it cannot exclude a later or unindexed filing. Sala Constitucional, Boletín Mensual, July 2026, pp. 3-19; Sala Constitucional and Nexus PJ exact-term searches (accessed 19 Aug. 2026).
