Gamification of Trading and Consumer Protection in Colombia: The Challenges of Using Foreign Platforms
By Daniel Peña Valenzuela, Partner Peña Mancero Abogados
Introduction
Gamification in trading has become a central strategy for digital platforms to attract and retain users. Through playful elements such as badges, rewards, leaderboards, and visual notifications, trading is transformed into a game-like experience. However, in Colombia, this practice raises serious consumer protection concerns, particularly when foreign platforms operate beyond the direct supervision of the Colombian Financial Superintendence.
This article examines the risks of gamified trading for Colombian consumers, highlights examples of international platforms such as Robinhood, eToro, and Binance, and proposes regulatory and cooperative mechanisms to mitigate digital manipulation in financial markets.
Dynamics of Gamification and Risks for Colombian Consumers
The logic of gamification in trading relies on behavioral stimuli designed to encourage frequent transactions. These stimuli, such as badges or visual rewards, create a sense of immediate achievement that can push users to repeat actions without properly assessing risks. A clear example is Robinhood in the United States, which was criticized for using digital confetti after trades, reinforcing emotional bias toward repeated trading.
Risks for Colombian consumers are significant. Gamification exploits behavioral biases such as loss aversion and the illusion of control, leading to impulsive decisions. Moreover, the extraterritoriality of platforms like eToro, based in Cyprus, or Binance, registered across multiple jurisdictions, makes direct oversight by the Colombian Financial Superintendence difficult. Finally, the information provided by these platforms often fails to meet the transparency standards required under Law 1480 of 2011, leaving consumers exposed.
Practical examples highlight these dynamics. Robinhood encourages high-frequency trading through simple interfaces and attractive visual cues. eToro promotes “copy trading,” where users replicate other investors’ strategies, potentially leading to uninformed decisions. Binance offers rewards and gamified token use, exposing consumers to volatile assets and increasing financial risk.
Conclusions
Gamified trading poses a challenge to consumer protection in Colombia. While it fosters financial inclusion, it also exposes users to manipulation and excessive risk. Needed measures include:
- International cooperation: bilateral and multilateral agreements to supervise foreign platforms.
- Warning protocols: clear digital messages about behavioral and financial risks.
- Financial education: programs teaching consumers to identify gamification techniques and their effects.
- Adaptive regulation: rules integrating consumer protection principles for digital and cross-border platforms.
Alliott Global – Client Alert Colombia | 2026 Long-Term Renewable Energy Auction (Renewables & Storage): cross-border entry routes and near-term opportunities
Colombia’s Ministry of Mines and Energy has launched a new long‑term energy contracting mechanism, with the auction award process to be implemented no later than 31 July 2026.
Successful participants will enter into Long‑Term Energy Contracts with a 15‑year term starting from the contract obligations start date, under a pay‑as‑bid allocation design and a “take-or-pay‑contract” settlement approach within the wholesale market framework.
Contract pricing is based on the seller’s bid price plus the applicable regulated component (CERE), as provided in the auction rules
What is being auctioned?
The mechanism offers four (4) products differentiated by hourly delivery profile:
- Product 1 (Baseload): Flat delivery across 24 hours.
- Product 2 (Solar): Delivery aligned to solar hours 06:00–18:00 (12 hours).
- Product 3 (Hybrid): Two delivery blocks (day + evening) and participation requires the plant to include a SAEB (battery energy storage system) among its generation assets.
- Product 4 (Peak): Flat delivery 18:00–22:00 and energy must be delivered through a SAEB integrated as part of the generation assets.
The contracts will generally start on 1 January 2030. For Product 1, an additional auction will be held for contract starting on 1 January 2035.
Foreign sponsors: practical entry without an existing Colombia presence
For sell-side participation, the rules expressly allow foreign individuals and entities to participate through a Colombian participation structure, including a “company formation undertaking” (promesa de sociedad futura) to incorporate a Public Utilities Company (E.S.P.) domiciled in Colombia, which would assume the rights and obligations of a generator if awarded
Fast-track ways to participate (before 31 July 2026)
Two practical entry routes stand out for sponsors seeking a lighter upfront path into Colombia’s long-term contracting auction
- Product 1 with a 2035 start date: a straightforward “platform-entry” option. This track does not require the typical enabling packages at the time of participation, while the project still needs to meet the applicable regulatory steps over the course of development.
- “No-permit” projects: for smaller or lower-impact assets, sponsors may also pursue projects that can be supported with an official communication from the competent environmental authority confirming no environmental licenses, permits, authorizations are required.
Quick eligibility screen (minimum scale)
- Product 1: participation is available for: (i) new plants (renewables) with net effective capacity ≥ 5 MW; (ii) certain existing renewable plants meeting the applicable conditions, and (iii) new self-generators (autogenerators) with surplus ≥ 5 MW.
- Product 2: Reserved for new Solar PV plants and new solar self-generators with surplus, in each case with net effective capacity / surplus ≥ 5 MW
How Peña Mancero Abogados can support Alliott member clients
- Auction-entry structuring for foreign sponsors (E.S.P. or “promesa de sociedad futura”) and governance documentation.
- Fast eligibility screen identifying the simplest route (Product 1–2035 or “no‑permit” environmental pathway projects and the minimum capacity fit (≥ 5 MW where applicable)
- Auction representation as a client counsel and attorney‑in‑fact for filings, platform steps and bid process coordination with the auction operator.
- If awarded, support the auction‑operator mandate agreement for centralized contract/guarantee administration and the required market registrations and ongoing energy market compliance to operate and settle under Colombian rule.
Contact
Gabriela Mancero – Partner | gabrielam@pmabogados.co
Mauricio Torres – Energy & Infrastructure | mauriciot@pmabogados.co
Reimagining arbitration: the 2026 ICC rules revision
By Daniel Peña Valenzuela, Partner Peña Mancero Abogados
Introduction
The 2026 revision of the ICC Arbitration Rules represents a major step forward in how international disputes are resolved. For business leaders and entrepreneurs, these changes are not just technical—they directly affect how quickly, transparently, and cost-effectively disputes can be managed. The reforms emphasize efficiency, digital adaptation, and institutional flexibility, making arbitration more aligned with the realities of global commerce.
1. Procedural Flexibility and Case Management
- Terms of Reference: Previously a mandatory document, now optional. This reduces paperwork and speeds up the start of proceedings. However, any new claims after the first case management conference must be approved by the tribunal, ensuring control and predictability.
- Early Determination: Tribunals can now dismiss clearly unfounded claims early, saving time and resources for businesses.
- Truncated Tribunals: If an arbitrator leaves after the final hearing or submissions, the remaining arbitrators can continue without delay, avoiding costly interruptions.
- Case Management Techniques: While removed from the formal rules, guidance will still be available through ICC reports and notes, offering practical tools for efficient case handling.
2. Transparency and Independence
- Disclosure Standards: Arbitrators must disclose relationships as before, but now parties must also list related entities. This increases clarity and reduces risks of hidden conflicts.
- Confidentiality: Arbitrators are explicitly bound to confidentiality, reassuring businesses that sensitive information will remain protected.
3. Digitalization and Technological Adaptation
- Electronic Communication: Digital communication is now the default, reducing delays and costs associated with physical correspondence.
- Electronic Signatures: Awards can be signed electronically, even in multiple counterparts, with parties choosing between electronic or paper notifications. This modernizes the process and aligns with business practices.
Expedited and Highly Expedited Procedures
- Expedited Procedure Threshold: Raised to USD 4 million, meaning more mid-sized disputes can benefit from faster resolution.
- Highly Expedited Procedure: A new fast-track option with a 3-month timeline, limited steps, and even the possibility of unreasoned awards. This is ideal for businesses seeking quick closure without extensive litigation.
Emergency and Interim Measures
- Ex Parte Measures: Emergency arbitrators can now order urgent measures without hearing the other party first, strengthening protection in critical situations.
Institutional Oversight and Administrative Efficiency
- Fee Decisions: The Secretary General now has more flexibility in deciding fees, potentially making costs more predictable.
- Tribunal Secretaries: Officially recognized as administrative support, but without decision-making powers, ensuring clarity in their role.
Conclusions
For businesses, the 2026 ICC Rules Revision signals a more practical and business-friendly arbitration environment. By embracing digital tools, streamlining procedures, and reinforcing transparency, the ICC has made arbitration faster, clearer, and more adaptable to modern commercial needs. These reforms reflect a shift from arbitration as a purely legal process to arbitration as a strategic tool for safeguarding efficiency, fairness, and trust in global business relationships.
The revised ICC Rules will enter into force on June 1, 2026, applying to all new arbitrations filed from that date onwards. For companies, this means that any disputes arising after the start of the year will already benefit from the modernized framework. Businesses should take note of these timelines to adjust their contractual strategies and dispute resolution clauses, ensuring they are aligned with the new, more efficient and transparent system.
The illusion of exit: Colombia, ICSID, and the politics of investment reform
By Daniel Peña Valenzuela, partner Peña Mancero Abogados
Since the 1990s, Colombia relied on bilateral investment treaties (BITs), ceding partial jurisdictional sovereignty to international arbitration tribunals, especially ICSID.
Withdrawal from ICSID or BITs does not eliminate obligations: survival clauses extend protections for 10–20 years, ensuring ongoing claims and enforceable awards.
Regional precedents (Bolivia, Ecuador, Venezuela) show that denunciation did not prevent litigation or financial liability; states continued to face numerous claims and costly awards.
Academic studies confirm BITs are not decisive in attracting foreign direct investment; structural variables such as economic size, per capita income, and geographic distance matter far more.
Investor-friendly clauses (fair and equitable treatment, umbrella provisions, intellectual property protections) have constrained national sovereignty, limiting policy space in areas like environment, health, and education.
Colombia’s participation in UNCITRAL negotiations since 2017 reflects broader reform efforts, aiming to establish a permanent multilateral investment court with independent judges.
The current debate is more political than practical: withdrawal does not alter the immediate status quo but opens space to reconsider Colombia’s long-term investment policy.
Legal obligations non-profit organizations (ESALES) 2026
Legal obligations complete guide to tax, labor, and corporate obligations for the year 2026 in Colombia
PM LEGAL NEWS – JANUARY 2026
Government of Colombia – declaration of economic and social emergency.
The Government of Colombia, through Decree 1390 of December 22, 2025, has declared a State of Economic and Social Emergency across the national territory for an initial period of 30 days, extendable up to 90 days. This extraordinary measure has been adopted to address a severe fiscal deficit and to ensure the availability of resources for healthcare, public security, and disaster response.
The declaration is based on the following considerations:
- Increase in the Capitation Payment Unit (UPC) to Health Promotion Entities (EPS).
- Recent public order crisis.
- Threats and attacks against social leaders, with an estimated impact of COP 2.5 trillion.
- Withdrawal of financing bills for 2025 and 2026, which sought to raise COP 12 trillion and COP 16.3 trillion, respectively.
- Impact of the winter season, estimated at COP 0.5 trillion.
- Pending judicial rulings requiring payment of COP 1.5 trillion.
- Overdue contractual obligations amounting to COP 1.6 trillion.
- Restrictions on borrowing by the National Treasury.
During the emergency period, the Government is authorized to issue legislative decrees with the force of law. Once the initial term concludes, Congress will exercise political oversight and review the measures within ten days.
Although the decree does not immediately introduce new taxes or modify existing ones, it enables the issuance of decrees that may include fiscal or administrative measures to reduce the deficit. According to official figures, the fiscal deficit closed at 6.7% of GDP in 2024 and is projected to reach 7.1% of GDP in 2025, thereby justifying the declaration.
The Government of Colombia reaffirms its commitment to safeguarding economic stability, protecting social welfare, and ensuring the continuity of essential public services. Citizens and institutions are urged to remain attentive to forthcoming legislative decrees that may be enacted under this emergency framework.
Minimum wage and transportation allowance for the year 2026
Decrees 1469 and 1470, December 29, 2025
The legal monthly minimum wage for 2026 has been set at ONE MILLION SEVEN HUNDRED AND FIFTY THOUSAND NINE HUNDRED AND FIVE PESOS ($1,750,905).
The transportation allowance has been set at TWO HUNDRED FORTY-NINE THOUSAND NINETY-FIVE PESOS ($249,095).
Tax measures for 2026
Decree 1474, December 29, 2025, adopts temporary tax measures within the framework of the State of Economic, Social, and Ecological Emergency declared by the Government, with the objective of addressing the 2026 budget shortfall.
The measures include the following:
- Liquor will be subject to a 19% value‑added tax (VAT) on sales.
- Taxation of gambling conducted online, whether operated domestically or from abroad, is adjusted.
- VAT is excluded for postal traffic related to express deliveries.
- Goods for motor vehicles and motorcycles will be taxed at a 19% rate.
- The income tax rate applicable to the financial sector will be increased by fifteen percentage points.
- A temporary tax is established on the extraction of hydrocarbons and coal within the national territory.
- Financial considerations in the form of royalties referred to in Articles 360 and 361 of the Constitution shall not constitute a cost or deduction for taxpayers subject to them.
- Provisions regarding the excise tax on cigarettes and manufactured tobacco are added.
- Mechanisms are established for the temporary reduction of penalties and interest on arrears for persons subject to tax, customs, and exchange obligations administered by the DIAN, provided full payment is made from the effective date of this decree until March 31, 2026.
- The DIAN is authorized to carry out reconciliation processes in administrative litigation proceedings concerning tax, customs, and exchange matters, subject to specified litigation criteria.
- A tax for tax normalization is created, applying a 19% rate to assets that were omitted, not included in national tax returns despite a legal obligation to declare them, or that were undervalued.
Data Protection & Privacy
