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A lot of movement on the Latin American continent as of late. Uruguayan Senator Juan Satori has joined a number of politicians from South American and Spanish-speaking countries in their efforts to bring crypto adoption into the mainstream. Satori did his part in the country and has introduced a draft bill to regulate cryptocurrency and allow businesses to accept crypto for payments. It has to be noted that the bill does not include a push to make crypto a legal tender as happened in El Salvador. The country’s Bitcoin law will come into effect this September 7.
The crypto-friendly Senator made the announcement on Twitter on Wednesday.
Las criptomonedas son una oportunidad para crear inversión y trabajo. Hoy presentamos un proyecto de ley, pionero en el mundo, que busca establecer un uso legítimo, legal y seguro en los negocios vinculados con la producción y comercialización de monedas virtuales en Uruguay.
— Juan Sartori (@JuanSartoriUY) August 3, 2021
The bill includes a proposal that “crypto assets will be recognized and accepted by the law and applicable in any legal business. They will be considered a valid means of payment, added to those included in the Law of Financial Inclusion.”
The Senator is member of the ruling party of Uruguay, the National Party. The party holds 10 of the 30 seats in the Senate and can potentially count on a lot of support.
The proposal further distinguishes three types of crypto licenses to be issued. A first is aimed at trading activities, “companies to trade any crypto-asset such as intermediaries (exchanges) except transactions of non-financial origin.”
A second license considers ‘custodial’ services and allows the approved party to “store, retain or safeguard crypto assets”. The third license is concerned with the issuance of “crypto-assets or utility tokens with financial characteristics.”
In Satori’s proposal, the country’s National Secretariat for the Fight Against Money Laundering and Terrorism Financing (SENACLAFT) will have the responsibility of “regulating, controlling and auditing” the license holders.
Satori makes it clear a big driver of his proposal is a push for mainstream adoption. He states that “the percentage of people who invest in cryptocurrencies compared to the total number of inhabitants per country is low,” and emphasizes the importance of adopting crypto regulation to “promote investment and protect investors.”
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Author: Peter Siu