As per reports from the local newspaper El Observador, On September 8, Uruguay’s executive branch proposed a bill that would allow the country’s central bank to legally supervise virtual assets. According to the bill, these businesses would ultimately be answerable to the Superintendent of Financial Services (SSF), which is part of Uruguay’s central bank.
The bill would require “all entities that operate with virtual assets” in Uruguay to be subject to global anti-money laundering standards, irrespective of whether they are part of the country’s financial system or not. Till now, it is unclear how the bill might move through Uruguay’s bicameral General Assembly. The proposal would have to go through many stages of approval before it is passed by the Executive Branch.