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Uruguay’s Executive Branch Proposes Crypto Bill

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Pavan A Follow

INDIA

Sep, 14 2022

Sep, 14 2022

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Uruguay's executive power introduced a cryptocurrency bill project to parliament. By amending Uruguay's organic charter of the Central Bank of Uruguay, and establishing a Superintendence of Financial Services to oversee virtual asset service providers, the bill clarifies how crypto assets will be regulated. 


By adding virtual asset service providers to the Superintendence of Financial Services' jurisdiction, the project proposes to create a new category of companies for virtual asset service providers. 


A bill project has been presented to the Uruguayan parliament to clarify cryptocurrency asset regulation. Introducing such a bill will address the gray area between cryptocurrency exchanges and virtual assets service providers. 

According to the proposed bill, the Central Bank of Uruguay will supervise and control new entities operating with virtual assets, as it will be the main cryptocurrency watchdog. 


There were also four types of digital assets defined in the document: stablecoins, governance tokens, tradable assets, and debt tokens. 


"If the activity carried out with these instruments involves the exercise of financial intermediation or financial activity, it will be subject to the regulation and control of the Central Bank of Uruguay," the document states. 

For the bill to become law, it needs to be approved by both chambers of the General Assembly — the Chamber of Deputies and the Senate. 


The country has attempted to legalize cryptocurrency as a payment method in the past, including a cryptocurrency bill that Senator Juan Sartori introduced last year. In August, the Uruguayan Central Bank summoned Binance for offering financial products based on cryptocurrency. 

 


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Pavan A

CBW - External Analyst

INDIA

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