Uruguay ‘a LATAM Crypto Regulation Leader’ After President Signs New Law
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
Uruguay’s crypto industry chiefs have welcomed a new law that will regulate the way crypto is traded in the nation.
Per the media outlets Ámbito Financiero and iProUP, the Uruguayan parliament and President Luis Lacalle Pou signed off a law that gives the nation’s Central Bank supervisory power over domestic crypto exchanges.
Public figures have claimed this makes Uruguay “one of the few nations in the LATAM region” with a “legal framework” for crypto.
The Uruguayan Fintech Chamber (CUF) called the new law “an important framework of guarantees for the financial system.”
The CUF also said that the move was “a significant milestone” in the industry’s progress. The body estimates Uruguayan annual fintech industry growth at 44%.
However, there was also a cautionary note from the CUF, which suggested that the bank is yet to explain exactly how it will go about regulating the sector.
“It is now essential to understand how the Central Bank will implement this regulation.”
The chamber added that it was still waiting to hear more details about “the forms and estimated deadlines” the bank would impose on crypto operators.
“For the first time in Uruguay, a basic framework has been established that recognizes and legislates on the existence of cryptoassets.”
The bank first began exploring its crypto legislation options in late 2021. It then sent the government a series of recommendations.
The government modified these and handed the draft bill over to the parliament, which worked on the bill until a vote last month.
Yamandu Orsi of Uruguayan
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