By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Gulf PressGulf Press
  • Home
  • Gulf News
    • Saudi Arabia
    • UAE24/7
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • World
  • Business
    • Market DataLive
    • Finance
    • Economy
    • Energy
    • Crypto
    • ForexHot
    • Tech
  • Sports
  • Lifestyle
  • Videos
Search
Countries
  • Saudi Arabia
  • UAE
  • Kuwait
  • Qatar
  • Bahrain
  • Oman
More Topics
  • Technology
  • Health
  • Entertainment
  • Crypto
  • Forex
  • Stocks
Site Links
  • Business Hub
  • Trending
  • Weather
  • Customize Interests
  • Bookmarks
  • Newsletter
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Reading: Uruguay Emerges as a Leader in Crypto Regulation in Latin America due to New Law
Share
Notification Show More
Recent Saved
Workers in Bucharest face challenges as temperatures rise
World
Dress code guidelines for the Qatari government sector during office hours
Qatar
Court rules in favor of worker after company dismisses him for salary deductions over 6 years, awarding BD 27,000.
Bahrain
UAE to See Almost 30,000 New Millionaires in 5 Years
UAE
Proposed New Labor Law in Bahrain Targets Increasing Job Opportunities
Bahrain
Latest News
Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech
Beat the Heat This Summer with a Chill Out on Dubai Marina
World
Historic Italian City of Assisi to Host International Exhibition “Jordan: Dawn of Christianity”
World
Jordan to Host Iraq in the Final Round of the Asian World Cup Qualifiers After Securing Historic Spot
Sports
The Myriad Redefines Student Living for a Mobile, Urban Generation
UAE
L’Oréal Paris Welcomes Yasmine Sabri as New Brand Ambassador for the Middle East
Lifestyle
Roland Garros 2025: A New Era of Viewing, A Tribute to Legends, and Moments to Remember
Sports World
Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide
Crypto
Aa
Gulf PressGulf Press
Aa
  • Gulf News
  • World
  • Business
  • Entertainment
  • Lifestyle
  • Sports
  • Videos
Search
  • Home
    • Videos
    • Business Hub
    • Trending
  • Gulf
    • Saudi Arabia
    • UAE
    • Kuwait
    • Qatar
    • Bahrain
    • Oman
  • Business
    • Market Data
    • Crypto
    • Economy
    • Energy
    • Finance
    • Forex
    • Tech
  • More News
    • World
    • Lifestyle
    • Entertainment
    • Sports
Have an existing account? Sign In
Follow US
  • Terms
  • Press Release
  • Advertise
  • Contact
© 2023 Gulf Press. All Rights Reserved.
Gulf Press > Business > Crypto > Uruguay Emerges as a Leader in Crypto Regulation in Latin America due to New Law
Crypto

Uruguay Emerges as a Leader in Crypto Regulation in Latin America due to New Law

News Room
Last updated: 2024/10/02 at 6:10 AM
News Room
Share
4 Min Read
SHARE

Uruguay’s crypto industry leaders have embraced a new law that will regulate crypto trading in the nation. This law grants supervisory power over domestic crypto exchanges to the Central Bank of Uruguay. Considered as one of the few nations in the Latin American region with a legal framework for crypto, Uruguay has received praise for this move. The Uruguayan Fintech Chamber hailed the law as an important step towards ensuring financial system security and described it as a significant milestone for the industry. They estimate an annual growth rate of 44% in the Uruguayan fintech industry with the implementation of this law.

Despite the positive reception, industry leaders highlighted the need for more details on the implementation of the regulation. The Uruguayan Fintech Chamber emphasized the importance of understanding how the Central Bank plans to regulate the sector. They are awaiting further information on the forms, deadlines, and requirements that crypto operators will need to comply with under this new law. This marks the first time in Uruguay that a legal framework has been established to recognize and legislate on the existence of cryptoassets, according to the CUF.

The Central Bank of Uruguay began exploring crypto legislation options in late 2021 and provided recommendations to the government. The draft bill was revised by the government and then presented to the parliament for further deliberation. After a vote last month, the new law was officially approved. Similar regulatory measures have been implemented in countries like Brazil, Venezuela, and Argentina, with El Salvador taking a step further by granting legal tender status to Bitcoin. The new Uruguayan law gives the Central Bank supervisory and regulatory powers over crypto providers and introduces a registry system with stringent criteria for permit issuance to crypto firms. Compliance with anti-money laundering and counter-financing of terrorism protocols is mandatory for crypto exchanges, fund managers, and wallet operators under this law.

In light of the upcoming October election in Uruguay, there is speculation on how the new law will impact the country’s fiscal policies. Yamandu Orsi of the Broad Front opposition party has expressed intentions to achieve a fiscal surplus if elected, as indicated by his finance chief pick, Gabriel Oddone. It remains to be seen how the regulatory framework for crypto will align with the economic goals of the new government. The industry is hopeful that the law will pave the way for a more transparent and secure crypto trading environment in Uruguay, attracting more investment and fostering innovation in the fintech sector.

Overall, the introduction of the new crypto regulation in Uruguay marks a significant development in the country’s fintech landscape. By providing a legal framework for cryptoassets and establishing regulatory oversight by the Central Bank, Uruguay aims to enhance financial security and promote responsible crypto trading practices. With the industry experiencing rapid growth and increasing interest in crypto investments, the new law is expected to create a more conducive environment for businesses to thrive and contribute to the overall economic development of the nation. As Uruguay emerges as a leader in crypto regulation within the Latin American region, the successful implementation of this law could set a precedent for other countries looking to regulate the crypto industry effectively.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
News Room October 2, 2024
Share this Article
Facebook Twitter Copy Link Print
Previous Article CMU-Q research aligns with national priorities and makes advancements
Next Article EUR/JPY Price Prediction: Bearish trend continues below 159.00
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

235.3k Followers Like
69.1k Followers Follow
56.4k Followers Follow
136k Subscribers Subscribe
- Advertisement -
Ad imageAd image

Latest News

Ferrero’s Social Responsibility Project Kinder Joy of moving Beats Traditional PE Curriculum, Tapping into the Cognitive Functions, Motor Coordination and Life Skills of Students
Lifestyle July 14, 2025
UAE Ranks Among Top Rugby Markets on TOD as British & Irish Lions Tour Kicks Off
Sports July 6, 2025
Darven: A New Leap in AI-Powered Legal Technology Launching from the UAE to the World
Tech July 1, 2025
Beat the Heat This Summer with a Chill Out on Dubai Marina
World July 1, 2025

You Might also Like

Crypto

Bitget Celebrates Bitcoin Pizza Day by Distributing Over 5000 Pizzas in Over 20 Cities Worldwide

May 22, 2025
BusinessCrypto

Bitget Protection Fund Maintains Strength with $561 Million Average Value in April 2025

May 20, 2025
BusinessCrypto

RWA project FEXSE tokenises $600,000 Jacob & Co. luxury watch on the blockchain

April 14, 2025
BusinessCrypto

Forbes Lists Bitget Amongst The World’s Most Trustworthy Crypto Exchanges

February 1, 2025
BusinessCrypto

Bitget Leverages AI Algorithms for Token Listing with the Launch of Bitget Seed

January 27, 2025
BusinessCrypto

Bitget to List Official TRUMP Meme Token for Spot Trading

January 23, 2025
BusinessCrypto

Bitget LaunchX to Support Jambo’s $5 Million Fundraising for Satellite Launch Program

January 18, 2025
BusinessCrypto

Bitget Unveils Over $5 Billion Worth of BGB Token Burn in New Whitepaper

December 28, 2024
//

Gulf Press is your one-stop website for the latest news and updates about Arabian Gulf and the world, follow us now to get the news that matters to you.

Quick Link

  • Privacy Policy
  • Terms of ue
  • Advertise
  • Contact

How Topics

  • Gulf News
  • International
  • Business
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our latest news instantly!

I have read and agree to the terms & conditions
Gulf PressGulf Press
Follow US

© 2023 Gulf Press. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

I have read and agree to the terms & conditions
Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?