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

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The government of Uruguay has introduced legislation in parliament that accelerates regulation of the crypto space in the country and establishes the central bank as the regulatory authority.

Introduced on September 5, the bill seeks to clarify the country’s regulatory framework for cryptocurrency assets, stipulating that all companies providing services related to digital assets, including initial coin offerings (ICOs), be superintendent of financial services. (SSF) under the supervision of , a central bank entity. Cryptocurrency exchanges, custody services and any financial services related to these digital assets must also comply with anti-money laundering regulations and best practices.

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Additionally, the document defined four types of digital assets: stablecoins, governance tokens, tradable assets and debt tokens, saying:

“If the activity conducted with these instruments involves the practice of financial intermediation or financial activity, it shall be subject to the regulation and control of the Central Bank of Uruguay.”

Last year, Senator Juan Sartori of Uruguay introduced a draft bill to regulate cryptocurrency and enable businesses to accept digital payments, which would be “a legitimate, legal and secure use in businesses related to the production and commercialization of virtual currencies.” was seeking to install”.

This development is part of an ongoing wave of legislation or regulations being adopted by governments or legislators in Latin America. Brazil’s Securities and Exchange Commission is reportedly attempting to change its legal framework to recognize tokens as digital assets or securities. In August, Paraguay’s president vetoed a bill that sought to recognize cryptocurrency mining as an industrial activity, arguing that mining’s high electricity consumption could lead to the expansion of a sustainable national industry. can become a hindrance.