Executive branch submits bill of Law for regulation of virtual activities to Parliament

In May 2022 the BCU submitted a preliminary draft bill of law to the Ministry of Economy and Finance for regulation of virtual assets, based on the Conceptual framework for regulatory treatment of Virtual Assets in Uruguay, issued by BCU in December 2021.

Following months of review by the Ministry’s work teams, the bill was finally submitted to Parliament on September 5, 2022.

This new bill of law maintains the bases established in the BCU draft, making financial and nonfinancial virtual asset service providers (VASPs) subject to BCU oversight, through the Superintendency of Financial Services, on matters of prevention of asset laundering and terrorism financing.

For further details on the bill of law, use this link.