Uruguay Introduces Cryptocurrency Law In Parliament – Bitcoin News Regulation

A new cryptocurrency bill has been presented by the executive branch to the Uruguayan Parliament. The bill seeks to clarify how cryptocurrencies will be regulated in the country, by giving the Central Bank of Uruguay competence over cryptocurrencies, changing its organic statute and introducing the Superintendency of Financial Services as an organization to oversee virtual resource service providers. .

The Uruguayan executive power proposes the law on cryptocurrencies

Executive power in Uruguay has presented

a bill in the country’s parliament with the aim of clarifying how activities related to cryptocurrency assets 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 amends the organic charter of the Central Bank of Uruguay and introduces the Superintendency of Financial Services, an organization part of the central bank, as the main supervisor 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 provide financial services related to the offer or sale of a virtual asset fall into this class.

However, the bill introduces another class of organization as a “virtual asset issuer”, defining it as a platform that issues any type of virtual asset within the regulatory perimeter or requires the admission of regulated virtual assets to a trading platform. of virtual assets.

The Central Bank of Uruguay will be the main watchdog of cryptocurrencies

Like other bills in the area that introduce institutions as the primary watchdogs of cryptocurrencies, the proposed bill places all oversight related to these tasks in the hands of the country’s central bank. The document states:

With the proposed amendments, both the previously regulated entities and the newly established entities operating with virtual assets will be subject to the supervisory and control powers of the Central Bank of Uruguay.

The text also refers to virtual asset securities, which are referred to as the digital counterparties of the already well-known financial securities.

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There have been previous attempts to legalize cryptocurrencies as a payment method in the country. A cryptocurrency bill presented by Senator Juan Sartori last year aimed to achieve this. Additionally, in August, the Central Bank of Uruguay issued a summons to Binance for its offering of savings-oriented cryptocurrency-based financial products.

What do you think of the latest cryptocurrency bill presented to the Uruguayan parliament? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as being late in the game, entering the cryptosphere when the price hike occurred in December 2017. Having a background in computer engineering, living in Venezuela and being influenced by the cryptocurrency boom on a social level, he offers a point of view. different on the success of cryptocurrencies and how it helps those without banks and the underprivileged.

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