Uruguay’s Cabinet Submits Bill on Crypto Market to Parliament

The Central Bank of Uruguay unveiled in October last year a plan to gradually legalize the cryptocurrency market. According to it, the Central Bank should receive regulatory functions.

The country’s government has this week submitted to the parliament a bill that should give the Central Bank such powers.

The Financial Services Authority of Uruguay will form a list of crypto companies wishing to operate in the country. To legalize the industry, it is necessary to amend the current legislation on securities.

Crypto issuers can only become legal entities that fully comply with the requirements of the regulatory framework.