Central Bank of Uruguay describes timetable for the regulation of crypto-assets-
Central Bank of Uruguay describes timetable for the regulation of crypto-assets-
The Central Bank of Uruguay has published a statement in which a timetable for regulating cryptocurrency plants is described in the near future. The institution said it founded a group to examine the best possible way to regulate these assets taking into account the realities of the crypto industry. In addition, some changes to the applicable laws could be made to prepare for the upcoming regulation towards the end of the year.
Information from the Central Bank of Uruguay for crypto regulation
The institution also announced that in the fourth quarter of 2021 it will have talks with industry players in the country to perfect the knowledge of the way of working of these companies. The statement emphasizes:
In the last quarter of the year, the dialogue with industry players and relationships with other regulatory authorities and international organizations are promoted ... This exchange will help to perfect the conceptual framework in order to achieve a regulatory approach that contributes to the above purposes.
With a clear view of the cryptocurrency business, the Central Bank of Uruguay will propose changes to the applicable laws this year in order to better take into account the introduction of new crypto -oriented regulations in the future.
Recommendations and advice on cryptocurrency
The bank also proposed some recommendations for users of cryptocurrencies, which said that these assets are not considered a legal means of payment in the country, such as the Uruguayan peso, which is recognized and supported by the institution. In view of this distinction, the creation of a regulatory framework for crypto could be very different from the approved in El Salvador, where Bitcoin was declared a legal means of payment.
The central bank made it clear that no institution in the country is regulated by any institution. As a result, none of the protective measures that apply to regular investors protect citizens who are involved in trade or investments with cryptocurrencies.
The bank advises people who are interested in crypto-assets:
carry out a comprehensive assessment of the risks received during operation with these instruments and take the necessary precautions to reduce them, taking into account that high returns are usually associated with high risks.
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