Juan Sartori, Senator of Uruguay Founder of the Union Group and co-owner and director of football club Sunderland, AFC has launched a regulation bill that could might ensure Uruguay legally accepts crypto payments.
Sartori released the measure also outlines how Uruguay will regulate the use of tokens in the country. “Cryptocurrencies are an opportunity to create investments and jobs. Today we present a draft law. which is a pioneer law body around the world trying to create a legitimate use of crypto and safe in the business dealing with crypto products and trading in Uruguay.”
The regulation bill proposes to take the following measures.
• Bringing the domestic crypto industry under the supervision of central banks and anti-money laundering agencies.
• Ensuring that cryptocurrencies are “It is a valid payment method.”
• Provide legal definitions of terms such as “Cryptocurrency Mining”, “Blockchain” and “Token”, etc.
• Creating a customer protection system for crypto exchange users.
• Creation of a national registration system for domestic virtual asset providers (VASP).
• Imposition of “sanctions” on crypto companies for non-compliance.
Interestingly, the bill also offers a “creation” of crypto training programs that will be freely accessible to all citizens. led by the Ministry of Education and Culture