The appointment will see Valencia Galiano replace Juan Pérez Hidalgo, who resigned from the role last week following a tenure that saw the launch of regulated igaming in the country.
Valencia Galiano will join the regulator after 40 years with Smurfit Kappa, which specialises in the production of corrugated cardboard and paper packaging.
During his time with Smurfit Kappa, Valencia Galiano served in a number of senior roles, most recently as vice president for Central America and the Caribbean.
Valencia Galiano also had two spells as president of the Association of Corrugators of the Caribbean, Central and South America (ACCCSA).
The appointment comes after Coljuegos earlier this month revealed that the country’s government collected over COP2.8tn (£582.7m/€647.7m/$776.2m) in gaming taxes since 2015.
Some COP668bn was generated by the industry in 2019, an increase of 76% from COP380bn collected in 2015., while despite the impact caused by the novel coronavirus (Covid-19), the nation has collected COP254bn as of September 2020.