Uruguay Introduces Cryptocurrency Law in Parliament – Regulation Bitcoin News

An executive power was granted to the Parliament of Uruguay in order to introduce a cryptocurrency bill. The bill clarifies the regulations for crypto assets in Uruguay, gives power to the Central Bank of Uruguay over them, modifies their organic charter and introduces the Superintendence of Financial Services to supervise virtual asset service providers.

Uruguayan Executive Power Proposes Crypto Bill

Uruguay’s executive powers have presented to the Parliament a bill that aims at clarifying cryptocurrency asset-related regulations. If approved, this bill will address the grey area where cryptocurrency exchanges operate and virtual asset services providers in Uruguay.

This bill amends the Organic Charter of the Central Bank of Uruguay. It also introduces the Superintendence of Financial Services as an institution that is part of central bank. The Superintendence of Financial Services will be the primary overseer of activities of virtual assets service providers. This document defines that the class includes custody providers and companies that assist in the sale or purchase of virtual assets.

However, the bill introduces another class of organization as “virtual asset issuer,” defining it as a platform that issues any type of virtual asset included within the regulatory perimeter or requests admission of regulated virtual assets on a virtual asset trading platform.

Central Bank of Uruguay will serve as the main cryptocurrency watchdog

Like other law projects in the area that introduce institutions as the main crypto watchdogs, the proposed bill puts all supervision related to these tasks in the hands of the country’s central bank. According to the document:

As a result of these modifications, the Central Bank of Uruguay will have the power to supervise and control both existing subjects and newly formed entities using virtual assets.

Also, the text refers to virtual assets securities. They are often referred to digital counterparts of well-known financial securities.

It has been attempted before to allow crypto payment methods in the country. Last year, Senator Juan Sartori presented a cryptocurrency bill that aimed at achieving this goal. In August, Binance was summoned by the Central Bank of Uruguay for offering savings-oriented crypto-based financial products.

Let us know your thoughts on the most recent crypto bill proposed in Uruguayan parliament. Comment below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. Sergio is a cryptocurrency journalist based in Venezuela. He says he was late to the party, having entered the cryptosphere during the December 2017 price increase. His background is in computer engineering, but he also lives in Venezuela and was influenced by the crypto boom at a socio-economic level. He offers an alternative perspective on cryptocurrency success and the benefits it has for the underbanked.

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