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Uruguay Introduces Cryptocurrency Law in Parliament

News Feed - 2022-09-13 03:09:14

Uruguay Introduces Cryptocurrency Law in Parliament


A new cryptocurrency bill project was introduced by the executive power to the Parliament of Uruguay. The bill seeks to clarify how crypto assets will be regulated in the country, giving the Central Bank of Uruguay competence over cryptocurrency assets, modifying its organic charter, and introducing the Superintendence of Financial Services as the organization to oversee virtual asset service providers. Uruguayan Executive Power Proposes Crypto Bill


The executive power in Uruguay has presented a bill project to the parliament of the country with the objective of clarifying how cryptocurrency asset-related activities 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 proposed bill modifies the organic charter of the Central Bank of Uruguay and introduces the Superintendence of Financial Services, an organization part of the central bank, as the main overseer of the activities of virtual asset service providers. In this sense, the document establishes that custody providers, companies that facilitate the purchase and exchange of virtual assets, and third parties that lend financial services related to the offer or sale of a virtual asset will be considered part of this class.


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 Be Main Crypto 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. The document declares: With the proposed modifications, both the previously regulated subjects and the newly incorporated entities that operate with virtual assets will be subject to the supervision and control powers of the Central Bank of Uruguay.


The text also makes reference to virtual asset securities, which are referred to as the digital counterparts of the already known financial securities.


There have been previous attempts at legalizing crypto as a payment method in the country. A cryptocurrency bill project presented by Senator Juan Sartori last year aimed to achieve this goal. Also, in August, the Central Bank of Uruguay issued a summons to Binance due to its offering of savings-oriented cryptocurrency-based financial products. Tags in this story cengral bank of uruguay, cengral bank or uruguay, crypto watchdog, cryptocurency bill, cryptocurrency bill, Superintendence of Financial Services, uruguayan, vasp, virtual asset service providers.


What do you think about the latest crypto bill proposal presented in 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 to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved. Gary Gensler Asks SEC Staff to Fine-Tune Crypto Compliance — Says "Vast Majority Are Securities" REGULATION | 1 day ago Brazilian Securities Watchdog Demands Changes in Cryptocurrency Bill REGULATION | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleIndian Authorities Unfreeze Wazirx’s Bank Accounts, the Crypto Exchange Says Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItArgentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments


The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

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