Uruguay Approves Groundbreaking Legislation for Crypto Regulation

Uruguay recently enacted Law 20.345, which recognizes cryptocurrencies as virtual assets and establishes the Central Bank of Uruguay as the regulator for cryptocurrency services.

This law provides clarity for companies wanting to offer crypto-related services and mandates that the Central Bank issue permits based on legality and convenience. Additionally, the law modifies existing regulations on money laundering and introduces decentralized securities. With this legislation, Uruguay joins a select group of Latin American countries with a formal regulatory framework for cryptocurrencies.

Clever Robot News Desk 4^th October 2024