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Uruguayan Senator Proposes a Bill to Regulate Cryptocurrency

Uruguayan Senator Proposes a Bill to Regulate Cryptocurrency
  • Uruguayan Senator Juan Satori introduces a bill to regulate cryptocurrency.
  • Senator joining a growing list of politicians in the nation exploring crypto adoption.
  • The proposal aims for crypto-assets to be accepted by law in any legal enterprise.

Uruguayan Senator Juan Satori proposed a law to govern crypto and let firms allow crypto payments. Moreover, the Senator joins a growing list of politicians in South America and Spanish-speaking nations exploring mainstream crypto adoption.

However, Senator Satori does not advise the use of crypto as legal tender as in El Salvador. To clarify, the crypto-friendly Senator tweeted on August 4 saying,

Today, we present a bill, pioneer in the world, that seeks to establish a legitimate, legal, and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay.

Therefore, the proposal stresses that crypto-assets should be certified and accepted by law in any legal enterprise. Also, they will serve as a valid means of payment. On top of that, there will be a law on financial inclusion.

On the other hand, the Senator belonging to the National ruling party in Uruguay holds 10 of the 30 seats in the Senate. Besides, if the bill passes, the authority will issue three licenses for firms using cryptos.

The first will let firms trade any crypto-asset such as agents (stock exchanges) except transactions of non-financial origin. While the second license will allow the approved party to store, hold or protect crypto assets. Finally, the third will enable the issuance of crypto-assets or utility tokens with financial characteristics.

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A Computer Engineering graduate who writes news focuses on cryptocurrency-related and blockchain technology. He is enjoying using his skills to contribute to informing people of the exciting technological advances that happen every day.