The Central Bank of Uruguay (BCU) has proposed a regulatory regime that seeks to change the Stock Market Standard Collection (RNMV) to oversee suppliers of virtual asset services (PSAV).
According to an analysis by Dr. Juan Diana Romero, a financial law expert, The project illustrates advances in sector formalization, but also introduces unclear concepts. It can generate interpretive questions.
The initiative, announced on August 21, complies with provisions of Act No. 20.345 or the Virtual Assets Act (LV), authorized in September 2024.
One important point of the project is the definitions of “financial virtual active” and “non-financial virtual active” in line with what is expressed in section 127.24.
This document describes a financial virtual asset as a digital representation of electronically negotiable value or contractual rights, and must meet certain conditions relating to the counterparty’s risk, property title, or investment purpose.
For Diana, this definition is problematic because it relies on inaccurate terms This is rare for characterization of assets.
“Definitions are based on vague concepts not defined by current regulations and are rare in essential characterizations of assets that may hinder interpretation in the event that current writing is maintained,” the lawyer explained.
Meanwhile, this project is defined as “non-financial virtual assets” in Article 127.25, from “all virtual assets not included in the definition of Article 127.24.”
At the same time, the regulatory framework establishes that several devices, such as cryptocurrency networks and writing value on electronic money, are excluded from this category due to their own regulations.
According to Diana, this exclusion It acts as an interpretation guidehowever, suggests that Uruguay Central Bank will move forward in the form of virtual assets at certain regulatory stages in the future for these equipment, gradually expanding the scope of the regulations.
How will it affect regulations for various suppliers?
For suppliers operating on this type of property, this initiative indicates that only those who are regularly and professional to provide sales services will provide sales services in accordance with the provisions of Article 127.25. Those who limit transfers, security, management or exchanges with each other without carrying out sales work will be excluded.
This project will introduce a differentiated structure according to the type of supplier. So, Financial PSAV (PSAVF) is defined as a company operated on financial assets of financial naturethrough the provision of services related to its exchange, custody, transfer, or investment offers.
In the case of PSAVF, the regulatory burden is high. It requires prior approval from the central bank and is “the lowest legacy of 1,500,000 IU.” (Index units, value index used in Uruguay that is adjusted regularly in response to inflation), “50,000 IU sediment in BCU”, “guarantees favorable to regulatory authorities of a minimum of 2,000,000 IU.”
It must also comply with the full application of the policy against external audits, information obligations, and money laundering (KYC, transaction monitoring, suspicious operational reports).
Instead, Non-financial psav (psavnf) has a more flexible scheme. In addition to complying with obligations related to preventing money laundering, they must register before SSF before initiating activities and before presenting corporate, economic, accounting, PL/FT documents to accommodate nature or corporations. You should also keep your deposit in mind considering BCU equivalent to 50,000 IU.
In this way, the new regulations at the Uruguay Central Bank establish a differentiated framework for PSAVs and adjust demand according to the type of virtual assets that operate.
This project will give you time until June 30th, 2026 Requires companies that are already active to adapt to the new rules and to approve or register. They will continue to work as long as the process continues.
According to the project’s statement, Uruguay Central Bank will be able to receive comments on its initiative via email until September 19, 2025.
Cryptocurrency regulations are not excluded
Diana believes that this limitation on PSAV corresponds to how the virtual assets law was written, but is not in perfect alignment with what the International Financial Conduct Group (GAFI) is required in issues of terrorist laundering and financing. In your vision, Short or medium-term adjustments may be proposed to correct that normative gap.
GAFI is an intergovernmental organism created by the G7 in 1989, whose main function is to establish standards and promote policies for combating money laundering, terrorist financing and other threats to the integrity of the international financial system.
From another perspective, Ignacio Varese, co-founder of Blockchain Summit Global and CEO of Block Bear, commented at the end of July that the distinction between financial products such as stubcoin and non-financial substances such as Bitcoin (BTC) would allow regulations proportional to risk, avoiding an unfair load on low-exposure activities.
“There has been no formal recognition of this type up until now, so this step represents an important milestone for its regulatory treatment,” Varese said of the use of Bitcoin and cryptocurrency.
This was expressed when Patricia Tudisco, mayor of central bank financial regulations, presented an amendment to PSAV regulations, indicating that Stubcoin will be entered as a financial virtual asset and Bitcoin as non-financial.
At the time, Diana described the BCU as “correct” distinction between expected financial and non-financial assets; Before his recent definition, he concluded that this was not clear.
Additionally, he may at that point create greater incentives for the marketing and use of Bitcoin, ether, or other assets, but hides regulatory ambiguity that could lead to revisions to make it more clear.
“This difference could ultimately generate certain types of regulatory arbitration that are worthy of a review of current law, with the aim of covering all PSAVs under the same umbrella and regulatory load.”
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