Patricia Tudisco, the mayor of the financial regulation of the Central Bank of Uruguay (BCU), announced today that it is working on the regulations necessary to add 20,345 laws approved in the cryptocurrency sector last year.
“Our main challenge is (all development in the field of international organizations, GAFI, principles of iOSCO principles…European regulations…European regulations…).
Tudisco’s comments came at the conference attended the Blockchain Summit Global Event in the 7th edition held at Montevideo.
The order said The law gives them the authority to incorporate companies into financial assetsaccording to definitions established by central bank regulations. Therefore, he showed that his initial challenge to promulgation designated it.
“You can’t say the number we were talking about that issue on Monday,” he said. “But that led us to a fundamental discussion,” he said.
He explained in this respect that the regulations are based on subject matter (supplier companies) rather than objects (virtually active), but have some nuance. “It doesn’t mean that there’s no consideration in the object because it doesn’t regulate it,” he said.
In fact, he stressed that the subsection law also includes people who made sales on non-financial virtual assets. They were forced to distinguish between them and finances..
«This fundamental differentiation is because for “financial asset services providers,” the focus of regulation is on issues of consumer protection and washing prevention. But in other cases, we will soon see what our regulations call “a provider of non-financial virtual asset services,” but the only focus of the regulations has is on the issue of cleaning prevention».
Patricia Tudisco, mayor of the financial regulation of the Central Bank of Uruguay.
Officials did not share the definition of financial and non-financial virtual assets offered by the Central Bank of Uruguay, but she was hoping for it. Bitcoin (BTC) is being considered in the second category.
«For us as a central bank, Bitcoin is a non-financial virtual asset. It is then entered as a provider of non-financial virtual asset services if the company only offers Bitcoin sales services. (However) if what he did is “non-financial” detention, then the law sends us to regulate the company and only limits us to the sale (of financial assets), then you stay outside of the regulations »
Patricia Tudisco, mayor of the financial regulation of the Central Bank of Uruguay.
Tudisco said: «This is very related to what I’m telling you (…). So I told them that at some point it should be considered, as it is about services in other countries where regulations are provided without thinking about what the object is particularly like.
He sums up the importance of this definition and reads which self-constraints are able to understand when the day you read the package of rules that each applies to.
He said that too Centralized stubcoins, such as tethers (USDTs), are considered financial virtual assets. Therefore, companies offering this class offer non-financial such as Bitcoin, but are under a provider license for financial virtual assets.
“There is an opportunity for legislators to review this vision within the evolutionary framework of crypto-ecosystems (…). For example, if you need to regulate these objects, such as stable virtual assets, broadcasting, etc. (…)
Such a statement will be made over a week of promulgating the genius law regulating US-issued stubcoins, as reported by Cryptootics. Meanwhile, the Capitol has made progress in debate over the classification of digital assets. securities.