Uruguay passes law regulating crypto, could set precedent for rest of Latin America
Uruguay’s President Luis Lacalle Pou signed a bill in October to regulate cryptocurrency in the country.
The new law, which was initially proposed over two years ago, recognizes cryptocurrency as virtual assets and gives the Uruguayan Central Bank the power to regulate the currency.
The Central Bank will be responsible for overseeing virtual assets service providers (VASPs) and granting them permits, while it will be the job of the Superintendence of Financial Service (SSF) to identify exchanges, wallets, and miners that can be considered VASPs.
While several Latin American countries have enacted crypto regulations — including some with volatile economic and political landscapes like El…
