According to Dr. Juan Diana Romero, certain definitions are supported in little precise terms. Active companies will have a term until June 30, 2026 to adjust to the new standards. The Central Bank of Uruguay (BCU) presented a regulatory regime that seeks to modify the collection of stock market standards (RNMV), in order to supervise the suppliers of virtual asset services (PSAV). According to the analysis of Dr. Juan Diana Romero, specialist in Financial Law, The project marks an advance in the formalization of the sector, but also introduces unclear concepts that can generate interpretive doubts. The initiative, presented on August 21, responds to the provisions of Law No. 20.345 or Virtual Assets Law (LV), sanctioned in September 2024, which incorporated into this sector within the scope of control of the Superintendence of Financial Services (SSF). One of the key points of the project is the definition of «Financial Virtual Active» and «Non -Financial Virtual Active», in line with what is expressed in article 127.24. The document describes the financial virtual asset as a digital representation of value or contractual rights that can be negotiated electronically and must meet certain conditions related to counterparty risks, property titles or investment purposes.
For Diana, this definition is problematic because it relies on inaccurate terms and unusual in the characterization of assets. «The definition is based on ambiguous concepts, not defined in current regulations and that in turn are unusual in the intrinsic characterization of an asset, which probably hinders the interpretation in case the current writing is maintained,» explained the lawyer. On the other hand, the project defines in its article 127.25 as «non -financial virtual asset» to «all that virtual asset not included in the definition of article 127.24.» At the same time, the regulatory framework establishes that some instruments, such as writing values in cryptocurrency networks or electronic money, are excluded from this category, since they have their own regulation. This exclusion, according to Diana, works as an interpretive guidebut also suggests that the Central Bank of Uruguay could advance in future specific regulatory stages for these instruments in its virtual asset format, which would gradually expand the scope of the regulations.
How it impacts the regulations on the different suppliers
On the suppliers that operate with this type of assets, the initiative indicates that only those who, regularly and professional, offer sale services, in line with the provisions of article 127.25. Those who limit themselves to transfer, guard, administer or exchange them with each other without carrying sale operations are left out. The project introduces a differentiated regime according to the type of supplier. So, Financial PSAV (PSAVF) are defined as those companies operating with financial assets of a financial natureeither through its exchange, custody, transfer or provision of services linked to investment offers. In the case of the PSAVF, the regulatory load is high: prior authorization of the Central Bank is required, a «minimum heritage of 1,500,000 IU.» (Indexada Unit, a value index used in Uruguay that adjusts periodically according to inflation), a «deposit in BCU of 50,000 IU» and a «guarantee in favor of the regulator for a minimum amount of 2,000,000 IU.». They must also comply with external audits, information obligations and full application of policies against money laundering (KYC, transactional monitoring and suspicious operations reports). Instead, Non -financial PSAV (PSAVNF) will have a more flexible scheme. In addition to complying with the obligations linked to the prevention of money laundering, they must register before the SSF before starting activities, presenting corporate, economic, accounting and PL/FT documentation, as corresponding to natural or legal persons. They are also required to keep a deposit in view of the BCU equivalent to 50,000 IU. In this way, the new regulation of the Central Bank of Uruguay establishes a differentiated framework for the PSAV, adjusting the demands according to the type of virtual asset that operate.
The project gives time until June 30, 2026 to the companies already active to adapt to the new rules and request their authorization or registration. As long as the process lasts, they can continue to operate. According to the project statement, the Central Bank of Uruguay is open to receiving comments on the initiative to its email until September 19, 2025.
It is not ruled out that cryptocurrency regulations have adjustments
Diana believes that this limitation of the PSAV responds to how the Virtual Assets Law was written, but that it is not completely aligned with what the International Financial Action Group (GAFI) in matters of prevention of washing and financing of terrorism is required. In your vision, It is likely that in the short or medium term adjustments will be proposed to correct that normative gap. The GAFI is an intergovernmental organism created in 1989 by the G7, whose main function is to establish standards and promote policies to combat money laundering, terrorism financing and other threats to the integrity of the international financial system. From another perspective, Ignacio Varese, co -founder of the Blockchain Summit Global and CEO of Blockbear, commented at the end of July that the distinction between financial instruments, such as the stablecoins, and non -financial, such as Bitcoin (BTC), allows a regulation proportional to risk, avoiding unnecessary loads in lower exposure activities. «Until now, there was no formal recognition of this type, so this step represents an important milestone for its regulatory treatment,» Varese said about the use of bitcoin and cryptocurrencies. This was expressed when the mayor of Financial Regulation of the Central Bank, Patricia Tudisco, said that the modification to the regulation of the PSAV would be presented, indicating that the stablcoins would enter as financial virtual assets, while Bitcoin as non -financial. In line, at that time, Diana had described «correct» the distinction between financial and non -financial assets anticipated by the BCU, but Before his recent definition he concluded that this is not clear. In addition, he held at that time cryptootics that, although it could generate greater incentives for the marketing and use of Bitcoin, Ether or other assets, hides regulatory ambiguity that could lead to a modification for more clarity: «This difference could generate certain type of regulatory arbitrations that eventually merit a review of the current law, with the aim of covering all the PSA. regulatory load ».
