Uruguay prepares for crypto regulation in Q4 this year
Uruguay’s Central Bank has issued a statement about digital assets with a rough description of a roadmap towards regulating cryptocurrencies. The bank has already created a working group to examine the most practical approach towards regulation, considering the day-to-day realities of the crypto industry. Regulation of cryptocurrencies is expected towards the end of the year.
The Central Bank will intensify talks with industry players in the country in Q4 of this year. The statement reads:
“In the last quarter of the year, a dialogue will be promoted with industry players and relations with other regulators and international organizations … These exchanges will contribute to perfecting the conceptual framework with a view to achieving a regulatory approach that contributes to the aforementioned purposes.”
With their strengthened understanding of the cryptocurrency business, the Central Bank of Uruguay is then expected to propose modifications to the existing laws before the end of this year, to fast track new crypto regulations in the country.
With cryptocurrency-related activities not regulated by any institutions in Uruguay, the banks issued advise to its people. The bank states that crypto assets are not considered legal tender like the Uruguayan peso. The people therefore need to know that none of the protections that currently apply to regular investors protect citizens who are involved in cryptocurrency trade or investments.
“Carry out an exhaustive assessment of the risks assumed when operating with these instruments and take the necessary precautions to mitigate them, taking into account that high returns are generally associated with high risks.”
In August, a draft bill was proposed by Senator Juan Satori. The bill includes a proposal that “crypto assets will be recognized and accepted by the law and applicable in any legal business.
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Author: Peter Siu