The Central Bank of Uruguay outlines the roadmap for the regulation of crypto assets
The Central Bank of Uruguay has issued a statement outlining a roadmap for the regulation of cryptocurrency assets in the near future. The institution stated that it has established a group to examine the best possible way to regulate these assets, considering the realities of the crypto industry. In addition, some modifications could be made to current laws to prepare for the next regulation towards the end of the year.
The Central Bank of Uruguay gives clues on the regulation of cryptocurrencies
The Central Bank of Uruguay has issued a statement on virtual assets where it roughly describes the roadmap that the institution will follow in the process of regulating cryptocurrencies. The bank has already created a study group to examine how the world of cryptocurrencies works and, with this in mind, created a conceptual idea of how this market could soon be regulated.
The institution also announced that during the fourth quarter of 2021 it will participate in conversations with industry players in the country with the aim of improving knowledge about how these companies work. The statement underlines the following:
“In the last quarter of the year, dialogue with industry players and relationships with other regulators and international organizations will be promoted. These exchanges will contribute to perfecting the conceptual framework with a view to achieving a regulatory approach that contributes to the aforementioned purposes ”.
With an already clear vision of the business of cryptocurrencies, the Central Bank of Uruguay will propose modifications to the laws in force before the end of this year, to better accommodate the establishment of new regulations focused on cryptocurrencies in the future.
Recommendations and advice on cryptocurrencies
The bank also proposed some recommendations for cryptocurrency users, noting that these assets are not considered legal tender in the country like the Uruguayan peso, which is recognized and supported by the institution. In view of this distinction, the establishment of a regulatory framework for cryptocurrencies could be very different from that approved in El Salvador, where Bitcoin was declared legal tender.
The Central Bank clarified that activities related to cryptocurrencies were not regulated by any institution in the country. As a consequence, none of the protections that apply to regular investors could protect citizens involved in trading or investing in cryptocurrencies.
The bank advises people interested in crypto assets the following:
“Carry out a thorough assessment of the risks assumed when operating with these instruments and take the necessary precautions to mitigate them, bearing in mind that high returns are generally associated with high risks.”
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.