thecoinrepublic.com
Uruguay Senator has proposed a draft bill to regulate cryptocurrency and enable businesses to accept payments in cryptocurrencies. It will be a legitimate, safe and legal bill that will be safe to use in the business.
Cryptocurrency is gaining momentum, at least in countries that are welcoming them with open arms and managing the regulations, adding the laws so that the country can deal in cryptocurrencies and making it easier for the people to deal in businesses.
One such country that has taken this step is Uruguay, where cryptocurrencies have been accepted with no inhibitions. The Senator of Uruguay, Juan Satori has introduced a draft bill to regulate cryptocurrency and enable businesses to accept crypto payments.
Satori has been included in the list of politicians from South America and Spanish-speaking countries to carry crypto adoption into the mainstream. However, unlike El Salvador, cryptocurrency has not been proposed as legal tender. Satori has a positive attitude towards crypto and on Aug 4 Senator Tweeted announcing to represent the bill to establish the use of crypto as legitimate, legal and safe for businesses related to the production and commercialization of virtual currencies in Uruguay.
Crypto bill
The bill proposes that cryptocurrencies could be identified and customary through the regulation and relevant in any felony business. Cryptos could be taken into consideration because of the legitimate way of price and people protected withinside the Law of Financial Inclusion.
Crypto license necessary
The Senator is from the ruling party and holds 10 of the 30 seats in the Senate. If the government supports the bill, it will issue three types of licences for businesses using crypto. Firstly, the companies trading in any crypto assets like intermediaries except transactions of Non-Financial origin.
The second licence will allow the party to store, retain and safeguard crypto assets and the third permits the issuance of crypto-assets or tokens with monetary characteristics.
Fight against money laundering
The National Secretariat of Uruguay will focus on the fight against money laundering and terrorism financing which will be tasked with regulating, controlling and auditing the licence holders.
There is no doubt that the number of people who invest in cryptocurrency is very low as compared to people investing in fiat or stocks or mutual funds per country. Hence, it is important to adopt crypto regulations to promote investments and protect investors.
Countries accepting Cryptos
Many South American countries are accepting cryptos. Several countries are looking to bring crypto into the fold, including Paraguay. The country had submitted a bitcoin bill last month. Panama is also keen to adopt cryptocurrency on a national level and Argentina has issued a bill calling for workers to be paid in crypto.
Following the suit, Columbia’s Senator Mauricio Toro introduced a bill on July 27 that centered on crypto exchanges and consumer protection. Toro mentioned on Twitter that the bill is seeking to guarantee security in crypto transactions. It will stamp out the black market and promote crypto as an alternative to the traditional banking system.
If the bill is approved, it will introduce regulations that require domestic and international crypto exchanges operating in the country to register with the national commercial register. Firms will need to adhere to anti-money laundering and terrorism financing laws. The businesses need to implement customer awareness and due diligence measures like reporting suspicious activity to the Financial Information and Analysis Unit.