CandleFocus Uruguay Passes Cryptocurrency Law
2024-10-03
Author: Content Editor
Uruguay has passed a law regulating the usage of bitcoin and cryptocurrency in the country. The law designates the Central Bank of Uruguay as the regulator and overseer of companies offering cryptocurrency services. This puts Uruguay at the forefront of Latin American countries that have included crypto in their regulatory frameworks. The law requires virtual assets service providers to obtain permits from the Central Bank and the Superintendence of Financial Services. It also amends existing regulations on money laundering and terrorism financing to include virtual assets. The law was inspired by a framework proposed by the Central Bank and underwent modifications before being approved. Uruguay now joins countries like Venezuela, Brazil, Argentina, and El Salvador in regulating crypto, although El Salvador is the only one to establish bitcoin as legal tender.
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