all about cryptop referances
A new cryptocurrency bill project was introduced by the executive branch of the parliament of Uruguay. The bill seeks to clarify how cryptoassets will be regulated in the country, giving the Central Bank of Uruguay competence over cryptocurrency assets, modifying its organic charter and introducing the Superintendence of Financial Services as the organization to oversee virtual asset service providers.
The executive branch of Uruguay has presented a bill to the country’s parliament with the aim of clarifying how asset-related activities related to cryptocurrency will be regulated. This, if approved, would be the first bill to address the gray area where cryptocurrency exchanges and virtual asset service providers operate in the country.
The proposed bill amends the organic charter of the Central Bank of Uruguay and introduces the Superintendence of Financial Services, an organization that is part of the central bank, as the main supervisor of the activities of virtual asset service providers. In this sense, the document states that custody providers, companies that facilitate the purchase and exchange of virtual assets, and third parties that lend financial services related to the offer or sale of a virtual asset will be considered part of this class.
However, the bill introduces another class of organizations as “virtual asset issuers”, defining it as a platform that issues any type of virtual assets included within the regulatory perimeter, or requests the admission of regulated virtual assets on a virtual asset trading platform .
Similar to other legislative projects in the area that introduce institutions as the main crypto watchdogs, the proposed bill places all oversight related to these tasks in the hands of the country’s central bank. The document declares:
With the proposed changes, both the previously regulated subjects and the newly incorporated entities operating with virtual assets will be subject to the supervisory and control powers of the Central Bank of Uruguay.
The text also refers to virtual securities, which are referred to as the digital counterparts of the already known financial securities.
There have been previous attempts to legalize crypto as a payment method in the country. A cryptocurrency bill project presented by Senator Juan Sartori last year aimed to achieve this goal. In August, the Central Bank of Uruguay also issued a subpoena to Binance over its offering of savings-oriented cryptocurrency-based financial products.
What do you think of the latest crypto bill presented in the Uruguayan parliament? Tell us in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
