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

The Uruguayan government introduced A law to Congress to accelerate regulation of the country’s crypto space and establish the central bank as a regulator.

The bill, which was introduced on September 5, aims to clarify the national regulatory framework for cryptocurrency assets, requiring all companies offering digital asset-related services, including initial coin offerings (ICOs), to , said it is under the supervision of the Financial Services Regulator (SSF). , a central bank entity. Cryptocurrency exchanges, custody services, and financial services related to these digital assets must also comply with anti-money laundering regulations and best practices.

Additionally, the document defines four types of digital assets: stablecoins, governance tokens, tradable assets, and liability tokens.

If the activity carried out by these means involves financial intermediation or the carrying out of financial activities, it is subject to the regulation and control of the Central Bank of Uruguay.

Last year, Uruguayan Senator Juan Sartori introduced a bill regulating cryptocurrencies and allowing businesses to accept digital payments, stating that it is legal and legal for businesses related to the production and commercialization of cryptocurrencies. The aim was to establish a safe and effective use of

This development is part of an ongoing wave of laws or regulations being pursued by Latin American governments or legislators. Brazil’s Securities and Exchange Commission is reportedly looking to change the legal framework to recognize tokens as digital assets or securities. In August, Paraguay’s president rejected a bill that would have recognized cryptocurrency mining as an industrial activity, arguing that mining’s high power consumption could hinder the expansion of a sustainable domestic industry.