Uruguay changes regulation about Bitcoin, but it’s “ambiguous”

The Central Financial institution of Uruguay (BCU) offered a regulatory regime that seeks to switch the gathering of inventory market requirements (RNMV), with the intention to supervise the suppliers of digital asset companies (PSAV).

In keeping with the evaluation of Dr. Juan Diana Romero, specialist in Monetary Regulation, The undertaking marks an advance within the formalization of the sector, but additionally introduces unclear ideas that may generate interpretive doubts.

The initiative, offered on August 21, responds to the provisions of Regulation No. 20.345 or Digital Property Regulation (LV), sanctioned in September 2024, which included into this sector throughout the scope of management of the Superintendence of Monetary Providers (SSF).

One of many key factors of the undertaking is the definition of “Monetary Digital Energetic” and “Non -Monetary Digital Energetic”, according to what’s expressed in article 127.24.

The doc describes the monetary digital asset as a digital illustration of worth or contractual rights that may be negotiated electronically and should meet sure circumstances associated to counterparty dangers, property titles or funding functions.

For Diana, this definition is problematic as a result of it depends on inaccurate phrases and weird within the characterization of belongings.

“The definition relies on ambiguous ideas, not outlined in present rules and that in flip are uncommon within the intrinsic characterization of an asset, which in all probability hinders the interpretation in case the present writing is maintained,” defined the lawyer.

Then again, the undertaking defines in its article 127.25 as “non -financial digital asset” to “all that digital asset not included within the definition of article 127.24.”

On the identical time, the regulatory framework establishes that some devices, reminiscent of writing values ​​in cryptocurrency networks or digital cash, are excluded from this class, since they’ve their very own regulation.

This exclusion, in keeping with Diana, works as an interpretive informationbut additionally means that the Central Financial institution of Uruguay may advance in future particular regulatory levels for these devices in its digital asset format, which might steadily develop the scope of the rules.

The way it impacts the rules on the totally different suppliers

On the suppliers that function with the sort of belongings, the initiative signifies that solely those that, repeatedly {and professional}, supply sale companies, according to the provisions of article 127.25. Those that restrict themselves to switch, guard, administer or trade them with one another with out carrying sale operations are neglected.

The undertaking introduces a differentiated regime in keeping with the kind of provider. So, Monetary PSAV (PSAVF) are outlined as these corporations working with monetary belongings of a monetary natureboth by its trade, custody, switch or provision of companies linked to funding affords.

Within the case of the PSAVF, the regulatory load is excessive: prior authorization of the Central Financial institution is required, a “minimal heritage of 1,500,000 IU.” (Indexada Unit, a worth index utilized in Uruguay that adjusts periodically in keeping with inflation), a “deposit in BCU of fifty,000 IU” and a “assure in favor of the regulator for a minimal quantity of two,000,000 IU.”.

They have to additionally adjust to exterior audits, info obligations and full utility of insurance policies in opposition to cash laundering (KYC, transactional monitoring and suspicious operations studies).

As a substitute, Non -financial PSAV (PSAVNF) could have a extra versatile scheme. Along with complying with the obligations linked to the prevention of cash laundering, they have to register earlier than the SSF earlier than beginning actions, presenting company, financial, accounting and PL/FT documentation, as comparable to pure or authorized individuals. They’re additionally required to maintain a deposit in view of the BCU equal to 50,000 IU.

On this manner, the brand new regulation of the Central Financial institution of Uruguay establishes a differentiated framework for the PSAV, adjusting the calls for in keeping with the kind of digital asset that function.

The undertaking offers time till June 30, 2026 to the businesses already energetic to adapt to the brand new guidelines and request their authorization or registration. So long as the method lasts, they will proceed to function.

In keeping with the undertaking assertion, the Central Financial institution of Uruguay is open to receiving feedback on the initiative to its e-mail till September 19, 2025.

It’s not dominated out that cryptocurrency rules have changes

Diana believes that this limitation of the PSAV responds to how the Digital Property Regulation was written, however that it’s not fully aligned with what the Worldwide Monetary Motion Group (GAFI) in issues of prevention of washing and financing of terrorism is required. In your imaginative and prescient, It’s possible that within the quick or medium time period changes will likely be proposed to appropriate that normative hole.

The GAFI is an intergovernmental organism created in 1989 by the G7, whose essential operate is to ascertain requirements and promote insurance policies to fight cash laundering, terrorism financing and different threats to the integrity of the worldwide monetary system.

From one other perspective, Ignacio Varese, co -founder of the Blockchain Summit World and CEO of Blockbear, commented on the finish of July that the excellence between monetary devices, such because the stablecoins, and non -financial, reminiscent of Bitcoin (BTC), permits a regulation proportional to danger, avoiding pointless masses in decrease publicity actions.

“Till now, there was no formal recognition of this kind, so this step represents an vital milestone for its regulatory therapy,” Varese mentioned about the usage of bitcoin and cryptocurrencies.

This was expressed when the mayor of Monetary Regulation of the Central Financial institution, Patricia Tudisco, mentioned that the modification to the regulation of the PSAV can be offered, indicating that the stablcoins would enter as monetary digital belongings, whereas Bitcoin as non -financial.

In line, at the moment, Diana had described “appropriate” the excellence between monetary and non -financial belongings anticipated by the BCU, however Earlier than his current definition he concluded that this isn’t clear.

As well as, he held at the moment cryptootics that, though it may generate higher incentives for the advertising and marketing and use of Bitcoin, Ether or different belongings, hides regulatory ambiguity that would result in a modification for extra readability:

“This distinction may generate sure kinds of regulatory arbitrations that ultimately benefit a assessment of the present regulation, with the goal of protecting all PSAV beneath the identical umbrella and regulatory load.”