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Uruguay passes Bill 20.345, positioning itself as a global and regional leader in cryptocurrency regulation. The new law categorizes cryptocurrencies, establishing a framework that recognizes digital assets distinct from fiat currency. Uruguay has recently made significant strides in regulating the cryptocurrency sector with the enactment of Bill 20.345, focusing on Bitcoin (BTC) and other digital currencies. This legislation positions Uruguay as a pioneer not only in Latin America but also globally, where few jurisdictions have established specific legal frameworks for cryptocurrencies. As reported by Crypto News Flash, Uruguay now joins nations like El Salvador, Brazil, Argentina, and Venezuela, which possess some of the most developed cryptocurrency regulations in Latin America. This development has sparked both national and international discussions about the implications of such regulation. The Uruguayan Fintech Chamber (CUF) was among the first to comment on the law, praising the government’s initiative as a significant first step in addressing cryptocurrency operations and recognizing them more formally within the national economy. Desde la Cámara Uruguaya de Fintech celebramos la reciente aprobación de la primera Ley de Activos Virtuales en Uruguay, un hito significativo en el marco regulatorio del país. 👏👏👏 pic.twitter.com/koRz0htp3D — Cámara Uruguaya de Fintech (@camurufintech) September 27, 2024 According to the CUF, the law establishes a basic framework that acknowledges cryptocurrencies, treating them as assets rather than fiat currency. This is seen as a crucial move towards legitimizing crypto currencies in Uruguay, providing clear guidelines for exchanges and other businesses in the sector to operate legally and transparently. In the long term, this law has the potential to transform the financial landscape in Uruguay, attracting new investors and companies in the fintech sector. In addition, it provides a solid foundation for the development of new technologies and financial services based on virtual assets, which could position Uruguay as…

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Filed under: News - @ October 6, 2024 4:33 am