Last week, Uruguay's General Assembly approved a new law to regulate cryptocurrencies, empowering the nation's Central Bank as the entity responsible for establishing standards and monitoring compliance with regard to operations with these assets.

Uruguay approves new crypto law

According to reports published by local media, Parliament approved Law No. 20,345, which establishes the first specific regulation for digital currencies and virtual assets. To this end, the Superintendency of Financial Services, an entity under the direction of the Central Bank of Uruguay, will supervise entities that operate with these assets, with the aim of guaranteeing consumer protection and avoiding illicit practices.

For the first time in Uruguay, a basic framework has been established that recognizes and legislates on the existence of virtual assets, a reality that is already firmly established in the global arena," said the CUF.

Uruguay and cryptocurrencies

Although cryptocurrencies do not enjoy legal status in Uruguay, the new law establishes some principles for the trading of these assets, and for interested entities to be able to offer their services in compliance with legal provisions.

Friends, several Latin American countries have already regulated cryptocurrencies, as I have told you, the entire world will adopt them and this will grow. Will it reach 1,000,000 users as predicted in 2030?

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