Uruguay passes cryptocurrency law, recognizing cryptocurrencies as virtual assets in the country
ChainCatcher news, according to Bitcoin.com, after more than two years of discussion, Uruguay has enacted a cryptocurrency law. The law was proposed two years ago, recognizing cryptocurrency as a virtual asset in the country and establishing the Central Bank of Uruguay as the regulator and supervisor for companies seeking to provide cryptocurrency services. This law positions Uruguay at the forefront of Latin American countries that have incorporated cryptocurrency into their regulatory framework.The Central Bank of Uruguay will regulate Virtual Asset Service Providers (VASP) and must issue operating licenses for such organizations. The issuance of these licenses will consider "legitimacy, opportunity, and convenience." Similarly, the Financial Services Regulatory Authority (SSF) must identify exchanges, wallets, and even miners that fall under the VASP category.The law amends existing anti-money laundering and counter-terrorism financing regulations, bringing virtual assets under the control and supervision of existing enforcement agencies. Additionally, the law reforms securities regulations by introducing the concept of decentralized securities, which are "issued, stored, transferred, and traded electronically through distributed ledger technology."
