More Cryptocurrency Regulatory Move Has Arrived From Another Country!

Uruguayan government officials to congress, to the Central Bank of Uruguay (BCU) cryptocurrencies introduced a bill aimed at giving legal powers to regulate

Uruguay Authorizes Central Bank to Regulate Cryptocurrency

The bill proposes to establish a new company status for digital asset providers.

It aims to bring digital asset providers under the supervision of the financial services supervisory authority by amending the founding law of the Central Bank of Uruguay.

In addition, it is proposed to amend the Securities Market Law in the said bill.

With the amendment, it is foreseen that cryptocurrencies will be considered as securities traded only by institutions that comply with the conditions determined by laws and regulations.

With the proposed amendments in the draft, both previously operating institutions and newly established digital asset institutions are placed under the supervision and control of the Central Bank of Uruguay.

The bill was presented by the Uruguayan Ministry of Economy and Finance to the chairman of the General Assembly, which brought together the House of Representatives and the Senate.

The bill must be approved by both houses to become law.

Uruguayan Senator Juan Sartori introduced a bill in August 2021 that would allow cryptocurrencies to be used as a means of payment and regulate how they would be used in the South American country.

However, the attempt has so far been unsuccessful.

In October, the Central Bank of Uruguay launched a study to regulate companies that offer crypto services.

It is estimated that such arrangements, which are planned to be made, will be taken as an example by other countries in the coming period.

Also, these regulations bitcoin How it will affect the price is eagerly awaited.

*Not investment advice.