Telegram Ads in Chile — CMF Fintec Law, Open Finance and Measured CPM (2026)

TL;DR

Chile is open for Telegram Ads: it is one of the 229 country options in the ad form, on Euro and TON accounts alike.

• Measured, but thin: €1.54 CPM on one Euro account (139k impressions) and 0.36 TON per thousand impressions on two TON accounts (389k impressions, 22 Aug – 3 Oct 2026).
• 18.8 million internet users, 94.5% of the population, median age 36.9 (DataReportal, October 2025). No reliable public count of Telegram users in Chile exists.
• Spanish-language creative, written for Chile.

The law that matters for ads:

• The Fintec Law (Law No. 21.521), supervised by the CMF (Comisión para el Mercado Financiero). Seven financial services may be offered professionally only by firms in the CMF’s Registro de Prestadores de Servicios Financieros, and crypto-assets count as financial instruments for that purpose.
• Social media. The CMF treats habitual investment recommendations on social networks as investment advice, a registered activity, even when the author says it is not advice.
• Open finance. The Sistema de Finanzas Abiertas does not start in 2026: on 1 June 2026 the CMF postponed it to July 2027.
• Online betting. It is not expressly regulated and has no legal authorisation in Chile; a bill is in Congress.

Offers with no licence question — SaaS, e-commerce, consumer goods and services, B2B, education — target Chile like any other country. Complying with Chilean law is the advertiser’s responsibility; this guide maps the rules and links the sources, and it is not legal advice.

Who you reach in Chile

Telegram does not publish user numbers by country, and we could not trace the figures that circulate for Chile to a primary source, so we quote none. What can be sourced:

• A highly connected country. 18.8 million internet users in October 2025, 94.5% of the population, with a median age of 36.9 (DataReportal, Digital 2026: Chile). Those are internet users, not Telegram users.
• Mostly Android. Android carried about 84% of mobile web traffic in Chile in September 2026 and iOS 16% (StatCounter). That is web traffic, not Telegram’s own split; the ad form lets you target each separately.
• Crypto. Chainalysis puts Chile at $23.8 billion in crypto value received, among the smaller Latin American markets it lists (Chainalysis, October 2025).
• Spanish only. Telegram’s ad guidelines say the language of the targeted channel should match the language of the ad and of the destination (§4.7).

How these groups split inside Telegram’s Chilean audience — by city, age or interest — is not something we have measured.

What it costs — measured on our accounts

Single-country campaigns targeted at Chile on our own accounts, all niches blended. Euro accounts are billed in euros and TON accounts in TON, and we never convert one into the other:

Account type	CPM	CTR	Cost per click	Impressions	Accounts
Euro (as of 3 Oct 2026)	€1.54	1.18%	€0.130	139k	1
TON (22 Aug – 3 Oct 2026)	0.36 TON	6.92%	0.005 TON	389k	2

Both rows are thin: the Euro row is a single account — one advertiser — and the TON row is two accounts, so read them as a direction, not a market price. We do not publish a per-niche split for Chile because the base is too thin to separate one niche from another honestly. The CPM by country guide has the full tables.

The CMF Fintec Law in 30 seconds

Law No. 21.521 — the Ley Fintec — was published on 4 January 2023 (official text). It put seven services under the CMF (articles 2 and 5):

• Crowdfunding platforms (plataformas de financiamiento colectivo).
• Alternative trading systems (sistemas alternativos de transacción).
• Credit advice and investment advice.
• Custody of financial instruments.
• Order routing and intermediation of financial instruments.

Crypto is inside that list: the law defines “activos financieros virtuales o criptoactivos” and counts an instrument that represents one as a financial instrument, alongside derivatives and contracts for difference (article 3). So an exchange, a broker or a custodian of crypto-assets provides the services above, and so does a CFD broker. This is how the regime stands in October 2026:

• Registration and authorisation. Only firms in the Registro de Prestadores de Servicios Financieros may offer these services professionally (article 5), and each service needs its own authorisation (article 7). The detailed requirements are in the CMF’s General Rule (NCG) No. 502 of 12 January 2024.
• The transition is over. Since 3 February 2025 only firms registered and authorised by the CMF, or whose application was filed before that date and has not been rejected, may provide the services. On 4 February 2025 the CMF counted 335 registration applications, 26 approvals — all for investment advice — and 33 rejections (CMF). On 26 June 2026 it rejected a further group of applications and told those firms to stop taking new clients (CMF).
• Operating without registration is a serious infraction under article 14.
• Advertising. Information, propaganda or advertising about financial products and services may not contain statements that could mislead the public about their nature, prices, returns or any other feature (article 28).
• Social media as investment advice. In July 2024 the CMF set out when publishing financial content becomes investment advice: when the communication is able or intended to influence the audience on whether to make an investment, and when it is habitual. Its examples include recommendations about a specific market such as crypto-assets, publishing trade results or portfolios, return projections, and referral programmes or discounts that invite people to invest. It applies even if the author states that they are not an adviser. Purely informative or educational content, objective and neutral, stays outside (CMF).
• Open finance is postponed. The Sistema de Finanzas Abiertas created by the same law was due in July 2026. On 1 June 2026 the CMF amended NCG No. 514 and moved its entry into force to July 2027 (CMF).

What that means for an ad:

1. A registered firm can advertise in Spanish to Chile and say it is in the CMF registry. Do not write “inscrita en la CMF” unless it is true.
2. A signals or tips channel aimed at Chile is the case the CMF described in 2024. A channel that habitually recommends what to buy, shows results or promotes referral links is giving investment advice in the CMF’s reading, whatever its disclaimer says. Neutral educational content is not.
3. “Open finance partner” is not a status anyone can advertise yet: the system starts in July 2027.
4. A firm outside the registry, Chilean or foreign, should take a Chilean lawyer’s opinion before it advertises a covered service to people in Chile. In the ad account, leaving Chile out means not selecting it in the country list and targeting by country rather than by channel, because an ad placed in a channel is shown to that channel’s readers in Chile too.

Ad copy that fits the rules

Telegram allows 160 characters per ad text, so the risk line has to be short. The examples are in Chilean Spanish, as they would run:

Firm in the CMF registry:

{Marca}: inscrita en el Registro de Prestadores de Servicios Financieros de la CMF. Invierte desde CLP {monto}. Toda inversión implica riesgo.

Crypto platform in the CMF registry:

{Marca}: inscrita en el Registro de Prestadores de Servicios Financieros de la CMF. Compra Bitcoin y Ethereum desde CLP {monto}. Los criptoactivos implican riesgo.

SaaS B2B:

{Producto}: automatiza tus campañas de Telegram. Prueba gratis 14 días.

What does not belong in an ad:

• “Rentabilidad garantizada”. Telegram’s guidelines prohibit offers of investment with guaranteed return (§5.7), and article 28 of the Fintec Law forbids misleading statements about returns.
• A registration the advertiser does not hold.
• “Socio open finance autorizado”, before the system exists.

Adsly setup for Chile

1. Pick a Euro account. It can link to a website as well as to a channel, bot or Mini App, add a custom button and have a declined ad escalated to a human through us. A TON account links to Telegram destinations only: channels, bots and Mini Apps. Both use the same targeting form since 22 August 2026, and Chile is not among the four countries where TON-funded ads are not served (Russia, Ukraine, Israel and Palestine).
2. Opening. A Euro account opens in 2 business days as a World account: its campaigns can target Chile or any other available country. Minimum ad budget: €500; €1,000 for crypto and for stocks and investing; forex stays at €500. Payment in any cryptocurrency, no KYC. Price your Euro account →
3. Access. You get the account itself on ads.telegram.org and the Adsly Pro Panel on app.adsly.pro.
4. Targeting. Country: Chile. Language: Spanish. Then topics — “Economy & Finance”, “Investments” and “Cryptocurrencies” are exact names from the form — or the channels your customers already follow. The form also has a Locations field that searches locations inside the selected country; which ones it offers for Chile is visible in the account, and we have not measured city-level campaigns.
5. Creative. Write the Spanish for Chile: Chilean vocabulary, amounts in Chilean pesos, Chilean institutions. We have not measured how much that changes click-through against neutral Latin American Spanish, so treat it as a test.
6. Frequency. Views per User: start at 1–2 (the form allows 1 to 4).
7. Timing and moderation. We have no hour-of-day data for Chile, so we publish no “best hours”; read the hourly analytics of your own campaigns. Over 98% of the 13,199 campaigns we measured in September 2026 had a moderation decision within three hours. Across all niches, 95.6% of reviewed ads on our Euro accounts and 86.8% on TON accounts end up approved. Opening an account does not approve any ad.

Who is responsible for what

Adsly opens the account and gives you the tools. What may be advertised to people in Chile is decided by Chilean law and by Telegram’s moderation, and that responsibility stays with the advertiser:

• Gambling and betting. Telegram’s ad guidelines prohibit gambling ads: §5.6 says ads must not promote “online or offline gambling, gaming, or casino-based activities involving real money, prizes, or goods of any value” (guidelines). With us gambling runs in two formats only — an official gambling account, ad budget from €25,000, or a test launch on our infrastructure, ad budget from €5,000 — described in the gambling policy guide. Neither changes Chilean law: online betting is not expressly regulated in Chile and has no legal authorisation, the Supreme Court has ordered internet providers to block betting sites, and a bill to regulate the sector is in Congress (Ecija, February 2026).
• Finance and crypto. Registration with the CMF is yours to settle before launch, with a Chilean lawyer if the offer is anywhere near the line. The licence and compliance with Chilean law are the advertiser’s responsibility; an open account says nothing about them.
• Pharma and CBD. We do not take them, in any country.
• Everything else — SaaS, B2B, e-commerce, education, consumer offers — runs with Chile as the target and no licence layer.

FAQ

Is Telegram Ads available in Chile in 2026?

Yes. Chile is a country option on Euro and TON accounts, and our own campaigns delivered there on both: 139k impressions on a Euro account and 389k on TON accounts.

What is the CMF Fintec Law?

Law No. 21.521, published on 4 January 2023. It puts crowdfunding platforms, alternative trading systems, credit and investment advice, custody, order routing and intermediation of financial instruments under the CMF, with crypto-assets counted as financial instruments. Since 3 February 2025 these services may be offered only by firms registered and authorised by the CMF, or with an application still pending.

What changes with open finance?

Nothing in 2026. The Sistema de Finanzas Abiertas was due in July 2026; on 1 June 2026 the CMF postponed its entry into force to July 2027. Do not build a 2026 campaign on it.

Is a Telegram signals channel “investment advice” in Chile?

It can be. The CMF’s 2024 criteria cover content that is able or intended to influence investment decisions and is published habitually: recommendations, published results, return projections, referral links. Saying “this is not advice” does not change it. Neutral educational content stays outside.

Should the Spanish be Chilean?

Write for Chile: Chilean vocabulary, peso amounts, Chilean institutions. We have not measured the CTR difference against neutral Spanish, so test both.

Can I target Santiago specifically?

The ad form has a Locations field that searches locations inside the selected country. Which locations it offers for Chile is visible in your account; we have not measured city-level campaigns, so we promise nothing about a Santiago-only campaign. Targeting the channels a Santiago audience reads is the other route.

Does Adsly help with CMF registration?

No. That is work for a Chilean law firm. We open the ad account and provide the tools to run it.

Can one campaign cover Chile, Peru and Colombia?

Every Euro account is a World account and covers every available country. Still, run a separate campaign for each country: each has its own regulator and its own Spanish.

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Chile is a market where the rulebook is public and specific: the Fintec Law, the CMF registry, and a regulator that has already said when a channel’s tips become investment advice. Our price reading is still thin — one Euro account and two TON accounts. Not sure where your offer sits? Ask us at @adsly_pro before you fund the account.