Uruguay Senator has presented a bill to enable businesses to accept cryptos as a mode of payment and regulate their utilization within the South American country. However, the bill was presented by Sen. Juan Sartori on Tuesday, plans to provide financial, fiscal, and legal security in the business derived from the commercialization and production of cryptographic currencies.
As per the bill, the cryptocurrency assets will be recognized, applicable and accepted by law, in any legal business. The crypto assets will be considered as a legal mode of payment, also, including those in the financial inclusion law, as long as they support the rules & regulations set forth.
Sartori’s bill would establish that cryptos are products of free sale by those entities and individuals who wish to commercialize them, and states that any regular or legal person might get or potentially send funds in legal tender from and to their own financial balances or those of licensed companies.
As per the bill, Uruguay’s executive branch would allow the licenses to entities that are in consistence with anti-money laundering secretariat (Senaclaft) and the Central Bank of Uruguay.
Sartori’s bill also stipulates the regulation of crypto mining. Miners wouldn’t require a special license like a specialist, yet would require permits from Uruguay’s Ministry of Industry, Energy and Mining to work. In the Senate, the National Party and its allies, which structure a coalition named Coalición Multicolor, hold the larger part, with 17 of the 30 seats.
In the event that the bill becomes law, the government would issue a first license that would empower companies to exchange crypto assets on exchanges. A second license would permit storing, holding or safekeeping crypto assets, while a third would be used to issue crypto assets or utility tokens with monetary characteristics.
