The law regulating the Bitcoin ecosystem in Uruguay has taken another step towards its adoption.
The country’s executive branch has submitted a draft bill to the parliament. The document proposes to provide the Uruguayan Central Bank (BCU) with the necessary legal powers to give the nascent market a legal framework.
The draft law sent to parliament is based on a proposal prepared by the BCU last December entitled “Conceptual Framework for the Legal Treatment of Virtual Assets in Uruguay,” subsequently submitted to the Ministry of Economy and Finance for consideration.
According to the Uruguayan press, one of the amended articles of the original draft law provides for all companies offering services with digital assets to be subject to the Financial Services Regulatory Authority (SSF) of the “BCU.”
It includes, for example, cryptocurrency exchanges, custody services, or the provision of financial services related to these assets. The idea is that all of these services comply with anti-money laundering regulations.
The amendment to the draft law prepared by the Central Bank of the South American country now considers the possibility of including these companies related to the Bitcoin market in the Uruguayan financial system. It will subject these companies to maximum control.
In addition, the project, which will be evaluated and debated in the Uruguayan parliament, aims to ensure that all companies operating with cryptocurrencies in the smallest Spanish-speaking country in South America are subject to control to prevent money laundering and terrorist financing – the typical crimes for which the Bitcoin ecosystem is usually stigmatized, even though they are typically carried out in fiat money.
In another draft article, virtual assets are classified as securities because they can be granted property rights, money can be returned, and there is even a right to share in economic benefits.
“With the proposed amendments, both the previously regulated subjects and the newly created companies that work with virtual assets will be subject to the supervisory and control powers of the Central Bank of Uruguay,” the law reads.
Although a law to regulate Bitcoin has not yet been passed, the approval of this proposal to parliament opens a new window to do so in the coming months. It is expected that further steps will be taken to pass a law by the end of the year.
With information from Latina Press
Live Market IntelligenceCrypto — Live Market Board
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Crypto — Live Market Board
-0.26%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 63,384 | -0.26% | -47.24% | 63,552 | 64,346 | 63,305 | 22,774,743,040 |
| ETH | 1,886 | +0.26% | -58.90% | 1,881 | 1,920 | 1,879 | 7,916,475,392 |
| SOL | 75.89 | -0.40% | -60.44% | 76.20 | 76.99 | 75.39 | 1,473,821,056 |
| XRP | 1.01 | -1.15% | -69.07% | 1.02 | 1.02 | 1.01 | 1,144,044,416 |
| BNB | 609.60 | -1.12% | -26.81% | 616.50 | 619.30 | 609.23 | 1,266,706,432 |
| ADA | 0.18 | -1.98% | -78.22% | 0.19 | 0.19 | 0.18 | 238,085,632 |
| DOGE | 0.07 | -1.56% | -70.00% | 0.07 | 0.07 | 0.07 | 553,256,192 |
| AVAX | 6.38 | +1.04% | -74.11% | 6.32 | 6.42 | 6.21 | 248,470,560 |
| LINK | 8.77 | -0.06% | -62.73% | 8.77 | 8.87 | 8.68 | 317,054,880 |
| DOT | 0.78 | -0.75% | -81.11% | 0.79 | 0.80 | 0.78 | 43,490,492 |
| LTC | 45.08 | -0.85% | -65.45% | 45.47 | 45.59 | 44.98 | 143,727,712 |
| BCH | 213.85 | +0.10% | -65.44% | 213.64 | 215.69 | 212.54 | 137,956,688 |
| TRX | 0.34 | +0.28% | -4.73% | 0.33 | 0.34 | 0.33 | 436,576,064 |
| XLM | 0.16 | -1.33% | -64.46% | 0.16 | 0.16 | 0.16 | 89,559,864 |
| HBAR | 0.07 | -0.53% | -74.67% | 0.07 | 0.07 | 0.07 | 22,546,186 |
| NEAR | 1.65 | +2.42% | -40.55% | 1.62 | 1.68 | 1.61 | 187,591,264 |
| ATOM | 1.40 | -2.36% | -70.15% | 1.44 | 1.44 | 1.40 | 18,626,964 |
| AAVE | 89.06 | +0.93% | -72.33% | 88.24 | 90.20 | 88.19 | 129,099,704 |
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