The post Uruguay Proposes Clearer Bitcoin Regulation in New Framework appeared on BitcoinEthereumNews.com.

Uruguay introduces a new Bitcoin regulation framework to clarify crypto classifications, licensing, and taxation and enhance innovation while ensuring compliance. Uruguay is preparing to introduce a new regulatory framework for Bitcoin and other digital assets. This plan aims to clarify the legal status of cryptocurrencies and the responsibilities of companies working in the crypto sector. The Central Bank of Uruguay has suggested classifying Bitcoin as a non-financial virtual asset, with stablecoins as financial virtual assets. The significance of this distinction is that it influences the way in which these assets are dealt with and governed. Law 20.345 Spurs Crypto Regulation Shift in Uruguay This decision was made after Law 20.345 was passed in October 2024. President Luis Lacalle Pou has signed this law, taking a significant step towards formalizing crypto regulation in Uruguay. Even though the law was a good step towards the improvement of the financial industry, financial regulators are of the opinion that certain areas need to be updated. Patricia Tudisco, the Superintendent of Financial Regulation at the Central Bank, said that there is need to change so that the rules can be able to keep pace with international standards of compliance and also fill in the gaps that exist in the current rules. Speaking at the Blockchain Summit Global conference in Montevideo, Tudisco said that one of the problems is the absence of a difference between the types of digital assets. She observed that in businesses that deal with financial services based on virtual assets, the regulation should be on anti-money laundering (AML) controls and consumer protection. This is consistent with what is going on in the world, like in Southeast Asia, where nations such as Indonesia are rewriting their crypto laws to remain competitive. The new modifications will also entail tougher tax regulations. Crypto service providers…

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Filed under: News - @ July 30, 2025 6:27 am