The Central Financial institution of Uruguay (BCU) introduced a regulatory regime that seeks to switch the gathering of inventory market requirements (RNMV), in an effort to supervise the suppliers of digital asset companies (PSAV).
In line with the evaluation of Dr. Juan Diana Romero, specialist in Monetary Regulation, The undertaking marks an advance within the formalization of the sector, but additionally introduces unclear ideas that may generate interpretive doubts.
The initiative, introduced on August 21, responds to the provisions of Regulation No. 20.345 or Digital Belongings Regulation (LV), sanctioned in September 2024, which included into this sector throughout the scope of management of the Superintendence of Monetary Providers (SSF).
One of many key factors of the undertaking is the definition of “Monetary Digital Lively” and “Non -Monetary Digital Lively”, consistent with what’s expressed in article 127.24.
The doc describes the monetary digital asset as a digital illustration of worth or contractual rights that may be negotiated electronically and should meet sure circumstances associated to counterparty dangers, property titles or funding functions.
For Diana, this definition is problematic as a result of it depends on inaccurate phrases and strange within the characterization of property.
“The definition is predicated on ambiguous ideas, not outlined in present rules and that in flip are uncommon within the intrinsic characterization of an asset, which most likely hinders the interpretation in case the present writing is maintained,” defined the lawyer.
Then again, the undertaking defines in its article 127.25 as “non -financial digital asset” to “all that digital asset not included within the definition of article 127.24.”
On the similar time, the regulatory framework establishes that some devices, akin to writing values in cryptocurrency networks or digital cash, are excluded from this class, since they’ve their very own regulation.
This exclusion, in response to Diana, works as an interpretive informationbut additionally means that the Central Financial institution of Uruguay might advance in future particular regulatory levels for these devices in its digital asset format, which might steadily broaden the scope of the rules.
The way it impacts the rules on the completely different suppliers
On the suppliers that function with such a property, the initiative signifies that solely those that, frequently {and professional}, provide sale companies, consistent with the provisions of article 127.25. Those that restrict themselves to switch, guard, administer or change them with one another with out carrying sale operations are disregarded.
The undertaking introduces a differentiated regime in response to the kind of provider. So, Monetary PSAV (PSAVF) are outlined as these corporations working with monetary property of a monetary natureboth by means of its change, custody, switch or provision of companies linked to funding presents.
Within the case of the PSAVF, the regulatory load is excessive: prior authorization of the Central Financial institution is required, a “minimal heritage of 1,500,000 IU.” (Indexada Unit, a price index utilized in Uruguay that adjusts periodically in response to inflation), a “deposit in BCU of fifty,000 IU” and a “assure in favor of the regulator for a minimal quantity of two,000,000 IU.”.
They have to additionally adjust to exterior audits, info obligations and full software of insurance policies towards cash laundering (KYC, transactional monitoring and suspicious operations studies).
As an alternative, Non -financial PSAV (PSAVNF) can have a extra versatile scheme. Along with complying with the obligations linked to the prevention of cash laundering, they have to register earlier than the SSF earlier than beginning actions, presenting company, financial, accounting and PL/FT documentation, as comparable to pure or authorized individuals. They’re additionally required to maintain a deposit in view of the BCU equal to 50,000 IU.
On this manner, the brand new regulation of the Central Financial institution of Uruguay establishes a differentiated framework for the PSAV, adjusting the calls for in response to the kind of digital asset that function.
The undertaking provides time till June 30, 2026 to the businesses already lively to adapt to the brand new guidelines and request their authorization or registration. So long as the method lasts, they will proceed to function.
In line with the undertaking assertion, the Central Financial institution of Uruguay is open to receiving feedback on the initiative to its e mail till September 19, 2025.
It’s not dominated out that cryptocurrency rules have changes
Diana believes that this limitation of the PSAV responds to how the Digital Belongings Regulation was written, however that it isn’t fully aligned with what the Worldwide Monetary Motion Group (GAFI) in issues of prevention of washing and financing of terrorism is required. In your imaginative and prescient, It’s doubtless that within the brief or medium time period changes might be proposed to right that normative hole.
The GAFI is an intergovernmental organism created in 1989 by the G7, whose major operate is to determine requirements and promote insurance policies to fight cash laundering, terrorism financing and different threats to the integrity of the worldwide monetary system.
From one other perspective, Ignacio Varese, co -founder of the Blockchain Summit International and CEO of Blockbear, commented on the finish of July that the excellence between monetary devices, such because the stablecoins, and non -financial, akin to Bitcoin (BTC), permits a regulation proportional to danger, avoiding pointless masses in decrease publicity actions.
“Till now, there was no formal recognition of this sort, so this step represents an essential milestone for its regulatory remedy,” Varese stated about the usage of bitcoin and cryptocurrencies.
This was expressed when the mayor of Monetary Regulation of the Central Financial institution, Patricia Tudisco, stated that the modification to the regulation of the PSAV could be introduced, indicating that the stablcoins would enter as monetary digital property, whereas Bitcoin as non -financial.
In line, at the moment, Diana had described “right” the excellence between monetary and non -financial property anticipated by the BCU, however Earlier than his current definition he concluded that this isn’t clear.
As well as, he held at the moment cryptootics that, though it might generate better incentives for the advertising and marketing and use of Bitcoin, Ether or different property, hides regulatory ambiguity that would result in a modification for extra readability:
“This distinction might generate sure varieties of regulatory arbitrations that ultimately advantage a overview of the present regulation, with the purpose of protecting all PSAV beneath the identical umbrella and regulatory load.”
(tagstotranslate) bitcoin (BTC)
