The bill reads: “With the proposed amendments, both the previously regulated subjects and the new incorporated entities that operate with virtual assets will be subject to the supervisory and control powers of the Central Bank of Uruguay.”
The Uruguayan Executive Branch introduced a bill that proposes changes to the Securities Market Law and seeks to establish the Central Bank of Uruguay (BCU) as a regulatory body for virtual assets.
The bill seeks to modify Article 14 of the Securities Market Law, 2009, to classify virtual assets under the “scriptural values” category, in addition to putting the Virtual Asset Service Providers (VASP) operating in the nation under the surveillance of the Superintendence of Financial Services branch of the BCU.
According to the bill, cryptocurrencies should be added under the definition of “book-entry securities” as tokens that can only be issued by regulated firms that comply with the legal requirements to operate in Uruguay.
Moreover, the bill clarifies that only the stablecoins backed by fiat currencies that have their deposits in a local institution meet the legal criteria to be classified as electronic money.
Lastly, the bill asserts that all four assets: stablecoins, governance assets, tradable assets, and debt tokens, will be regulated by the Central Bank of Uruguay, stating,
“If the activity carried out with these instruments involves the exercise of financial intermediation or financial activity, it will be subject to the regulation and control of the Central Bank of Uruguay.”
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