Uruguay Introduces Crypto Law in Congress – Regulation Bitcoin News

A new cryptocurrency bill project has been introduced into the Uruguayan parliament by the executive branch. The bill aims to clarify how crypto assets will be regulated in the country, giving the Central Bank of Uruguay powers over crypto assets, changing its organizational charter and overseeing crypto service providers. introduces the Financial Services Supervision as an organization that

Uruguay Executive Proposes Crypto Bill

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

The proposed bill would amend the Organizational Charter of the Central Bank of Uruguay and introduce the Financial Services Supervision, part of the Central Bank’s organization, as the main supervisor of the activities of virtual asset service providers. In this sense, this document indicates that custody providers, companies that facilitate the purchase and exchange of virtual assets, and third parties that lend financial services in connection with the provision or sale of virtual assets are considered part of this class. is established.

However, the bill introduces a separate class of organizations as “virtual asset issuers”, issuing any kind of virtual assets contained within the regulatory boundary or issuing regulated virtual assets on virtual asset trading platforms. defined as a platform that requires

Uruguay Central Bank Becomes Crypto Watchdog

As with other legal projects in the sector to introduce the institution as the main cryptocurrency oversight body, the proposed bill would put all oversight related to these tasks in the hands of the country’s central bank. The documentation declares:

The proposed amendments bring both previously regulated subjects and newly incorporated entities dealing in virtual assets to the supervisory and administrative powers of the Central Bank of Uruguay.

This text also refers to virtual asset securities. It is called the digital counterpart of the already known financial instrument.

There have been previous attempts to legalize cryptocurrencies as a domestic payment method. The cryptocurrency bill project presented by Senator Juan Sartori last year was aimed at achieving this goal. Also in August, the Central Bank of Uruguay issued a subpoena to Binance for offering savings-oriented cryptocurrency-based financial products.

What do you think of the latest crypto bill proposal presented in the Uruguayan Congress? Let us know in the comments section below.

image credit: Shutterstock, Pixabay, Wiki Commons