This article presents the Uruguayan cryptocurrency regulation bill. The bill aims to legalize the use of cryptocurrencies, to facilitate payments and to provide a regulatory framework for the sector.
While national governments are still struggling to regulate the use of cryptocurrencies (at least in nations that aren’t US-backed), some countries are taking a more progressive approach. In the case of Uruguay, a few legislators have taken it upon themselves to draft a bill that would allow crypto to be used as a form of payment for goods and services, while the government would be responsible for ensuring that transactions are properly verified.
Entrepreneur, economist and activist, Sen. Alejandro García, has presented a bill to the Uruguay Senate to “regulate the use of cryptocurrencies and make them a valid payment option in the country”. The bill, titled “EMERGENCY DECREE FOR THE REGULATION OF CRYPTOCURRENCIES”, seeks to create procedures for the “issue and use of cryptocurrencies, as well as to establish the mechanism for processing and payments in the country”. García said the existing framework in the country was “very restrictive with regards to the use and possession of cryptocurrencies, so it is important to regulate the use of these products. “. Read more about favorite crypto project and let us know what you think.
TL;DR Summary
• The Uruguay Senate has recognized cryptocurrencies and agreed to regulate virtual payments; the government will issue permits for the usage of cryptocurrencies.
Juan Satori, a senator from Uruguay, is a crypto enthusiast who wants Bitcoin to be recognized as legal tender. Satori demonstrated a law in the Latin American nation aimed at regulating and favoring cryptocurrency payments in businesses.
According to the law, businesses who wish to utilize crypto payments would be granted a license by the government. These businesses must, however, adhere to the Senaclaft regulations as well as the Uruguayan banking entity. All of these permits will be free and will not need approval from other institutions, according to the law.
Payments in cryptocurrency for trading
Uruguayan officials have proposed a legislation that would enable businesses to freely accept cryptocurrency payments. Companies may utilize bitcoins as a source of revenue to cover their services if they are approved.
This move will boost the company’s sales and possibly allow them to grow worldwide. For the time being, cryptocurrency aficionados in Uruguay are using it as a passive investment vehicle.
Satori is a member of Uruguay’s ruling party. In the legislative order, the party has ten of the thirty MPs; as the dominant party in Parliament, it gets first precedence in decision-making.
Everything indicates to the Uruguayan Parliament’s desire to regulate cryptocurrency. This is advantageous for the reform, which will provide the government with three commercial licensing options.
Uruguay will provide cryptocurrency trading licenses.
With the proper license, the beneficiary businesses in the nation have the ability to trade their cryptocurrency. These businesses may freely trade tokens inside Uruguay with the first license. Organizations may access crypto payments and hold crypto assets with the second license.
The law empowers government agencies to provide licenses to businesses that operate in the financial sector. This initiative also prioritizes the Uruguayan organization that combats virtual crime and money laundering. In this manner, the organization ensures that each authorized company’s crypto payments are verified.
The company that has these licenses may also be controlled and approved by the organization. Other Latin American nations are still fighting over the legality of cryptocurrencies.
In 2023, the government of El Salvador became the first in Central America to allow cryptocurrency payments. The administration of Nayib Bukele accepts Bitcoin openly and intends to utilize it for financial transactions. Some nations around El Salvador have considered enacting legislation that favors the crypto industry.
Returning to Uruguay’s changes, these crypto payments may be in use by September. There is still no word on whether or not cryptocurrencies will be made legal in the nation. It might, however, be Bitcoin, according to conjecture.
Uruguay is the latest country to consider regulating cryptocurrencies. Uruguayan Senator Alejandro Agustin Beni Buren said on Twitter that he is drafting a law that will regulate cryptocurrency trading and transactions. He said on the social network that he is working with the government to provide a plan for the industry. The bill will be presented to the country’s Congress.. Read more about not reporting cryptocurrency on taxes reddit and let us know what you think.
Related Tags
This article broadly covered the following related topics:
- cryptocurrency news
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- bitcoin price
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