Uruguay Set To Develop Crypto Regulations

The chamber of financial technology in Uruguay has announced via the country's leading media outlet BNamericas that a special committee has been set up for the development of various crypto regulations to govern the country. According to reports that are gaining grounds in the country, this committee would promote innovation to ensure that the financial system of the country is developed and strengthened as well. This committee would also ensure that the fight against drug trafficking, money laundering and other financial vices is won. The main aim of this special committee developed will be to make the financial industry in the country more transparent. In the last couple of years, Uruguay has not set up any standard regulation for cryptocurrencies, but with this announcement made by the financial technology chamber of the country, all entrepreneurs, consultants as well as government officials are expected to collaborate and enact laws that will not just regulate cryptocurrencies but will also see the financial industry of the country grow.

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The founder of the financial technology chamber of the country Sebastian Olivera while speaking to newsmen in the country said that the regulatory proposals to be passed will have to go through already established institutional channels. He went further to state that the financial technology chamber has the sole aim of ensuring that investors all over the world are attracted to the local industry and that the country is constantly being promoted as a technological hub. Olivera further stated that he knows that no activity in the country can be carried out outside the regulatory sphere. He explained that because of this reason, the chamber is seeking to partner with all relevant bodies in the country to ensure that all hands are on deck to ensure the growth of the financial industry of the country.

This announcement by the financial technology chamber is coming after their South American neighbors Chile announced that they are seeking to regulate cryptocurrencies to ensure that their risks are monitored at the same time reduced. The statement released by the Central Bank of Chile stated that they will have a registry or register of all crypto participants in the country and that this information would help them to not only monitor the risk but also do all in their power to reduce it.

Kazakhstan is another country that has set up regulations to ensure the strict watch of these digital currencies. The IFC (International Financial Centre) of Kazakhstan stated that the country will enter into partnerships with various companies to ensure that appropriate regulations are developed and at the same time provide the needed support to all financial technology companies in the country.

This new regulation to be developed by Uruguay is proof to the fact that cryptocurrencies cannot be ignored or overlooked for a long time. These digital tokens offer more amazing and problem-solving features that countries cannot ignore and in the coming years, more countries would follow the path of these countries mentioned above.