Uruguay Submits Cryptocurrency Law to Parliament – Regulation Bitcoin News

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A new cryptocurrency bill has been presented by the executive to the Uruguayan parliament. The bill aims to clarify how crypto assets will be regulated in the country, giving the Central Bank of Uruguay jurisdiction over cryptocurrency assets, modifying its organic charter and introducing the Superintendence of Services. as an organization overseeing virtual asset service providers.

Uruguay’s Executive Branch Proposes Crypto Bill

The executive branch in Uruguay has presented a bill to the country’s parliament with the aim of clarifying how activities related to cryptocurrency assets will be regulated. This, if approved, will be the first bill to address the gray area in which cryptocurrency exchanges and virtual asset service providers operate in the country.

The bill modifies the organic charter of the Central Bank of Uruguay and introduces the Superintendency of Financial Services, an organization that is part of the central bank, as the main supervisor of the activities of virtual asset service providers. In this sense, the document establishes that custodians, companies that facilitate the purchase and exchange of virtual assets and third parties that provide financial services related to the offer or sale of a virtual asset will be considered as part of this class.

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

The Central Bank of Uruguay will be the main crypto watchdog

Like other bills in the field that cast institutions as the primary crypto watchdogs, the proposed bill places all oversight related to these tasks in the hands of the nation’s central bank. The document states:

With the proposed changes, previously regulated subjects and newly incorporated entities that operate with virtual assets will be subject to the supervisory and control powers of the Central Bank of Uruguay.

The text also refers to virtual asset securities, which are called the digital counterparts of already known financial securities.

There have been previous attempts to legalize crypto as a payment method in the country. A cryptocurrency bill introduced by Senator Juan Sartori last year aimed to achieve this goal. Additionally, in August, the Central Bank of Uruguay issued a summons to Binance due to its offering of savings-focused cryptocurrency-based financial products.

What do you think of the latest crypto law proposal presented to the Uruguayan parliament? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late in the game, entering the cryptosphere when the price spike happened in December 2017. Having a background in computer engineering, living in Venezuela and impacted by the cryptocurrency boom at the social, it offers a different point of view. on the success of crypto and how it helps the unbanked and underserved.

Image credits: Shutterstock, Pixabay, Wiki Commons

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