Uruguay passes cryptocurrency law

Uruguayan President Luis Lacalle Pou recently signed Bill 20.345, a bill regulating the use of Bitcoin and cryptocurrencies in the country. The law puts Uruguay in a privileged position, providing clear regulations for companies that want to provide crypto-related services. The Central Bank of Uruguay will supervise virtual asset service providers (VASPs) and must issue operating licenses to such organizations. The issuance of these licenses will take into account "legality, opportunity and convenience." Likewise, the Financial Services Superintendent (SSF) must identify exchanges, wallets and even miners that fall into the category of VASPs. The law amends the current money laundering and terrorist financing control regulations, including virtual assets as a subject of control and supervision by current law enforcement organizations. In addition, it reforms the securities law, introducing the concept of decentralized securities, which are "issued, stored, transferred and traded electronically through distributed ledger technology." The approval of the project makes Uruguay one of the few countries that have crypto and cryptocurrency service providers as part of its regulatory framework, after Venezuela, Brazil, Argentina and El Salvador. (Bitcoin.com)