Peru and Uruguay have prepared a bill to regulate cryptocurrencies
The authorities plan to implement the bills in 2022
06.01.2022 - 12:30
272
1 min
0
What’s new? The members of the Peruvian parliament have submitted a bill that proposes to create more opportunities for the commercialization of crypto assets. The bill aims to regulate the virtual asset service providers’ activities. This is reported by El Pais Financiero.
Information on the El Pais Financiero website
What is the essence of the document? The bill proposes to introduce the legal definitions for terms such as “crypto assets,” “cryptography” and “blockchain.” If the bill is passed, the exchanges and wallet operators have to register with the Superintendencia de Banca, Seguros y AFP. This is necessary for the financial regulator to monitor their activities.
What is going on in Uruguay? The country's Central Bank (BCU) has published a document that proposes to prepare the ground for the possible regulation. The document is called “Conceptual framework for the regulatory treatment of virtual assets in Uruguay” and was developed after consultation with the representatives of the traditional financial sector, as well as the virtual asset service providers and other experts.
The document’s authors write:
“Given the rapid development [...] virtual assets [...] both globally and domestically, [we] consider it necessary to give greater certainty and clarity about this phenomenon and its regulatory considerations. [Our] aim is to ensure the security of its development in the local market, as well as its use in the financial [sector].”
Useful material?
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024
Business
The rate exchange of the native ACH token reacted with a 10% increase
Apr 18, 2024
Market
Miners are hunting for the first block after halving as the value of the first satoshi could exceed $1 million
Apr 18, 2024
Market
The platform will be non-custodial and accessible to everyone
Apr 15, 2024
Market
China Asset Management, Harvest Global Investments, and Bosera Asset Management have received permits
Apr 15, 2024