PANews reported on October 3rd that according to Bitcoin.com, after more than two years of discussion, Uruguay has enacted a cryptocurrency law. The law, proposed two years ago, recognizes cryptocurrencies as virtual assets in the country and establishes the Central Bank of Uruguay as the regulator and supervisor of companies seeking to provide cryptocurrency services. The law puts Uruguay at the forefront of Latin American countries that have incorporated cryptocurrencies into their regulatory frameworks.
The Central Bank of Uruguay will regulate virtual asset service providers (VASPs) and must issue operating licenses to such organizations. The issuance of these licenses will take into account "legality, opportunity and convenience." Similarly, the Financial Services Superintendent (SSF) must identify exchanges, wallets and even miners that fall into the VASP category.
The law amends the existing money laundering and terrorist financing control regulations to include virtual assets in the control and supervision of existing law enforcement agencies. In addition, the law also reforms the securities law and introduces the concept of decentralized securities, which are "electronically issued, stored, transferred and traded through distributed ledger technology."
