Uruguay Creates Crypto Regulation Framework for Country’s Financial System

Uruguay Enacts New Crypto Regulations To Focus On Innovation

On June 19th, the Uruguayan chamber of fintech announced the creation of a special committee for the development of crypto regulation framework.

Uruguay fintech chamber founder and former chamber president Sebastián Olivera that the cryptocurrency proposals that are drawn up will pass through established institutional channels. He reportedly said that the chamber aims to attract investments and innovation in the local industry and continue promoting Uruguay as a regional technology hub.

“Our focus is on leveraging innovation to help strengthen and develop – and increase transparency in – the financial system, contributing to the fight against the legitimization of assets derived from criminal activities, terrorism or drug-trafficking.”, said Olivera.

Regulatory authorities in Uruguay, among them the central bank and the finance ministry, have always been willing to engage in dialogue. The chamber is inviting companies, consultants, entrepreneurs and government officials, among others, to collaborate.

Although Uruguay has not yet developed specific regulations and standards for digital currencies, the fintech chamber is inviting organizations, consultants, entrepreneurs and government officials to collaborate on those.

At a blockchain and cryptocurrency conference in Chile last month, professors from US higher education institution MIT urged countries in the region to regulate so that incumbents and potential new players know the rules of the game.

“Within the fintech community we dream of Uruguay being the ‘crypto-valley‘ of LatAm. We know it's an ambitious target, but we have the talent, the drive, the technology, the capacity, the network of contacts, and the access to investors. Indeed, this motivates us to put ourselves at the service of the regulators, to build together the regulatory framework that will allow us to realize this vision.” Olivera said.

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