Uruguay’s executive branch has proposed legislation that would give the country’s central bank legal authority over virtual assets.
According to the publication, the bill, which has been offered to Uruguay’s parliament for consideration, proposes classifying virtual asset service providers as a “new category” of firms. These companies would ultimately report to Uruguay’s central bank’s Superintendent of Financial Services (SSF).
These virtual asset service providers abbreviated PSAVs in Spanish, are described as businesses that provide virtual asset services to third parties on a regular basis. These activities include the custody and exchange of virtual assets or fiat currencies.
The measure would make any entities that operate with virtual assets in Uruguay, regardless of whether they are part of the country’s banking system, subject to global anti-money laundering regulations.
The bill’s fate in Uruguay’s bicameral General Assembly is unknown at this time. If proposed, the plan would have to be approved by the country’s Senate and Chamber of Deputies, with or without changes, before the executive branch could consider making it law.
The bill then goes on to identify various types of virtual assets, including virtual asset securities, virtual assets of utility, “stable” virtual assets like stablecoins and central bank digital currencies (CBDCs), and virtual assets of exchange like bitcoin and ether.
Uruguay was one of the first countries to investigate a CBDC pilot project in 2017 but has yet to implement any crypto-specific legislation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Uruguay Proposes Law On Virtual Assets
Uruguay’s executive branch has proposed legislation that would give the country’s central bank legal authority over virtual assets.
According to the publication, the bill, which has been offered to Uruguay’s parliament for consideration, proposes classifying virtual asset service providers as a “new category” of firms. These companies would ultimately report to Uruguay’s central bank’s Superintendent of Financial Services (SSF).
These virtual asset service providers abbreviated PSAVs in Spanish, are described as businesses that provide virtual asset services to third parties on a regular basis. These activities include the custody and exchange of virtual assets or fiat currencies.
The measure would make any entities that operate with virtual assets in Uruguay, regardless of whether they are part of the country’s banking system, subject to global anti-money laundering regulations.
The bill’s fate in Uruguay’s bicameral General Assembly is unknown at this time. If proposed, the plan would have to be approved by the country’s Senate and Chamber of Deputies, with or without changes, before the executive branch could consider making it law.
The bill then goes on to identify various types of virtual assets, including virtual asset securities, virtual assets of utility, “stable” virtual assets like stablecoins and central bank digital currencies (CBDCs), and virtual assets of exchange like bitcoin and ether.
Uruguay was one of the first countries to investigate a CBDC pilot project in 2017 but has yet to implement any crypto-specific legislation.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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