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Uruguay develops crypto rules with focus on crypto currency innovation

The Uruguayan Fintech Chamber has announced the establishment of a special committee for the development of the crypto regulatory framework, BNamericas reported on Tuesday 19 June. The committee is reported to promote innovation to strengthen and develop the country’s financial system. These include the fight against money laundering, terrorism and drug trafficking, as well as the necessary transparency of industry. While Uruguay has not yet developed specific regulations and standards for crypto currencies, the Fintech Chamber invites organisations, consultants, entrepreneurs and government officials to work together on these regulations.

Uruguay and the crypto currencies

The Uruguayan chamber of former Fintech president and founder Sebastián Olivera told BNamericas that the regulatory proposals will go through the established institutional channels. According to reports, the Chamber intends to attract investment and innovation in local industry and thus continue to promote Uruguay as a regional technology centre. Olivera adds:

“We are aware that no activity can be developed outside the regulatory domain, especially when we talk about the financial system. That’s why we are focusing on working with the regulator and all other stakeholders. We dream that Uruguay is the “crypto valley” of Latin America. “

Last month Mario Marcel, the president of the Chilean central bank, said they are considering regulating the crypto currency in their own country to monitor risks. He claimed that “the inclusion of regulation will make it possible to have a register of the participants in these activities and thus sufficient information to monitor the associated risks”.

Kazakhstan’s authorities seemed open to crypto and blockchain innovation and planned to adopt crypto currency regulations this summer. Kairat Kaliyev, Governor of Astana’s International Financial Centre, said the Centre is working with international companies to develop appropriate regulation and also provides financial support to companies to support and drive Fintech innovation in the country.

About Uruguay

Uruguay is a state in South America. The full name of the country Uruguay is Republic East of the (river) Uruguay. In the Guarani language, Uruguay means river of colorful birds.

The climate is subtropical in the north, temperate in the south. In the coastal regions, the temperatures resemble the climatic conditions of the coastal regions of southern France, northern Italy and northern Spain, with clearly defined thermal seasons. The average annual temperature there is 16.5°C. The warmest month is January, with about 22°C, while June is the coolest month, with an average of 10°C. The warmest month is January, with about 22°C, while June is the coolest month, with an average of 10°C. In the interior, the average annual temperature is somewhat higher, mainly because of the warmer summer temperatures.

90% European descent, minorities of European-Indigenous and European-African origin. Catholics (Roman Catholic) 66% (less than half visit the church regularly), Protestants 2%, Jews 1%, nondenominations and members of other religions 31%.