Patricia Tudisco, mayor of financial regulation of the Central Bank of Uruguay (BCU), announced today that they are working on a regulation that are necessary to add to Law 20,345 approved last year on the cryptocurrency sector.
“Our main challenge is (with all developments in the field of international organizations … of principles in the matter of GAFI, iOSco … regulation that has come out in the region … European regulation …) that there are things that seem to be somewhat in some way that we should review again in a law or in a modification to the law,” said the BCU official.
Tudisco’s comment took place at a conference in which he participated in the Blockchain Summit Global event, during his seventh edition held in Montevideo.
The directive said The law gives them the power to incorporate companies on financial assets on financial assetsaccording to a definition established by the regulation of the Central Bank. Therefore, he indicated that his first challenge to promulgation has been specifying that.
“I can’t say the Monday number we were talking about that topic,” said describing that the situation has taken a long time. “But, it led us to a fundamental discussion,” he said.
He explained in this regard that, although the regulation is based on the subject (supplier company) and not on the object (virtual active), there is some nuance. “Because we are not regulating the object does not mean that there is no consideration on the object,” he said.
In fact, he stressed that the law in a subsection says that those who make sale with non -financial virtual assets are also included, with which They were forced to distinguish the difference between them and the financial.
«This fundamental differentiation does it because, for the ‘provider of financial asset services’, the focus of the regulation is thinking about consumer protection and issues of washing prevention. However, for the other, that in our regulation that we are going to see soon we are calling it ‘provider of non -financial virtual asset services’, the focus that regulation will have is only in matters of washing prevention ».
Patricia Tudisco, mayor of financial regulation of the Central Bank of Uruguay.
Although the official did not share the definition of financial and non -financial virtual assets provided by the Central Bank of Uruguay, she anticipated that Bitcoin (BTC) is contemplated in the second category.
«For us in the Central Bank, Bitcoin is a non -financial virtual asset. Then, if a company only provides Bitcoin sale services, it will enter as a provider of non -financial virtual asset services. [Pero,] If all he did is custody of a ‘non -financial’, as the law does not send us to regulate that company and only limits us to the sale [de un activo financiero]you are left out of regulation »
Patricia Tudisco, mayor of financial regulation of the Central Bank of Uruguay.
Tudisco said: «This is very relevant that I am telling you (…). Therefore, I told them that review that it seems to me that it should be thought at some point, because in other countries the regulation was about the activity, about the services provided, without thinking about which the object was particularly ».
He summarized that this definition is key so that the day each one is going to read the package of rules that applies can understand in which self -constraint.
He also said that A centralized stablecoin like Tether (USDT) would be considered a financial virtual asset. Therefore, companies that provide this class, although they also offer non -financial such as Bitcoin, would be under the same provider license for financial virtual assets.
“There is an opportunity for legislators to review this vision within the framework of the evolution of the crypto ecosystem (…), even thinking about also (…) if we need to regulate any of these objects such as, for example, the stable virtual asset, the broadcast,” culminated the guest of the Central Bank of Uruguay.
Such statements take place for a week that the United States promulgated the Genius law that regulates Stablecoins issuing, as cryptootics reported. Meanwhile, the Capitol advances in the debate on the classification of digital assets divided by categories such as Securities.
