New regulatory bill grants Uruguayan Central Bank control over the nation’s crypto industry

New regulatory bill grants Uruguayan Central Bank control over the nation's crypto industry

Uruguay’s government introduced legislation to the Parliament that speeds up the regulation of cryptospace in the country and creates the central bank as the regulatory body.

The bill was introduced on September 5. It aims to clarify the country’s regulatory framework for crypto assets. It states that all companies providing digital asset-related services, such as initial coin offerings (ICOs), are subject to the Superintendency of Financial Services, a central bank entity. All financial services related to cryptocurrency assets, including custody services, should adhere to Anti-Money Laundering regulations.

The document also defined four types digital assets: stabilitycoins and governance tokens, tradable asset, debt tokens, and tradable assets.

“If these instruments are used to perform financial intermediation, or financial activity, they will be subjected to the regulation and supervision of the Central Bank of Uruguay.”

Juan Sartori, a Uruguayan senator, introduced a draft bill last year to regulate cryptocurrency and allow businesses to accept digital payment. He sought to “establish an legitimate, legal, and safe use in businesses that relate to the production or commercialization of virtual currency.”

This is part of a continuing wave of legislation or regulations that are being pursued in Latin America by legislators and governments. According to reports, Brazil’s Securities and Exchange Commission seeks to amend its legal framework in order to recognize tokens and securities as digital assets. Paraguay’s president rejected a bill to recognize cryptocurrency mining in August as an industrial activity. He argued that high electricity consumption could limit the growth of a sustainable national sector.

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