Uruguay has created a work plan to regulate the cryptoasset market in the country. According to a recent statement from the Central Bank of Uruguay (BCU), the issue has been discussed internally since early 2021.
The next step in the Uruguayan regulatory plan will be implemented later this quarter. This time, companies in the crypto sector will be heard by the regulator.
“A work plan has been established for the last quarter of the year to lay the groundwork for the regulatory treatment of virtual assets and the activity of virtual asset service providers in our jurisdiction”.
Before the consultation of crypto companies, the regulation of cryptoassets was discussed internally by the BCU through an interdisciplinary working group.
In addition to consulting the market, the BCU statement says that the intention to regulate cryptoassets in Uruguay will be supported by “other regulators and international bodies”.
“During 2021, an internal working group was set up dedicated to carrying out an interdisciplinary approach to the study of instruments and operations with virtual assets. As a result of this process, a conceptual framework was developed based on the business reality of the different operations involving virtual assets”.
In addition to presenting the next steps for regulation in the country, the BCU statement also cited good practices involving investments in cryptoassets.
Without a specific date to present the sector’s regulation, the subject will be discussed in Uruguay in 2022. The BCU said that a roadmap of activities for next year should be released by the institution.
Just like other South American countries – which are moving forward with bills related to the crypto market – Uruguay may pass specific legislation for cryptoassets.
In Brazil, a bill was presented on the same theme, while salaries paid in cryptoassets can be regulated in Argentina. Meanwhile, in El Salvador, bitcoin is already considered a legal tender for all types of transactions.