It was announced by Colombian President Ivan Duque and the United Nations High Commissioner for Refugees Filippo Grandi during a joint briefing on Monday.

"We launched the #EstatutoDeProtección [temporary protective status] for Venezuelan migrants, with the aim of providing care to those fleeing the dictatorship. This mechanism allows us to have information to grant them immigration status and, in 10 years, the possibility of a resident visa," Duque's tweet in Spanish read.

According to the UNHCR, Colombia is hosting 1.7 million Venezuelans.

It represents more than "37 per cent of the estimated 4.6 million Venezuelan refugees and migrants in Latin America and the Caribbean."

"More than half of the Venezuelan population in Colombia lack regular status, affecting their ability to access essential services, protection and assistance," the UNHCR press release stated.

A NPR report said: "Migrants who arrived in Colombia before Jan. 31 are eligible, as are those who enter legally during the first two years that the policy is in effect. Duque also said that anyone who does not register under the new status will eventually be subject to deportation."

Lauding the gesture, Grandi said, "This bold humanitarian gesture serves as an example for the region and the rest of the world.  It is a life-changing gesture for the 1.7 million displaced Venezuelans who will now benefit from added protection, security and stability while they are away from home.”

“We applaud Colombia for its extraordinary generosity and its commitment to ensure protection for displaced Venezuelans. This decision serves as a model of pragmatism and humanity.”

He also tweeted praising the Columbian President.

"My gratitude to President @IvanDuque, and to the Colombian people and government, for this historic, generous act," part of the tweet read.

Meanwhile, IOM (International Organization for Migration) Director General António Vitorino said, “The regularization of Venezuelan refugees and migrants in Colombia through the provision of a generous temporary protection status is a key to facilitating their socio-economic integration and access to the national health system and COVID-19 vaccination campaigns.”

"The Government of Colombia has once again shown both great solidarity and leadership. Its decision serves as an example to the world,” he added.