A senator from Uruguay presents a bill to allow payments with cryptocurrencies

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The Uruguayan senator Juan Satori has presented a bill to regulate crypto assets and allow companies to accept payments with cryptocurrencies.

Satori joins a growing list of politicians from South American and Spanish-speaking countries seeking the popular adoption of cryptocurrencies. However, the senator does not propose the use of cryptocurrencies as legal tender as in El Salvador.

The senator tweeted on August 4 that “today we present a bill, a pioneer in the world, that seeks to establish a legitimate, legal and safe use in businesses related to the production and commercialization of virtual currencies in Uruguay “.

The bill proposes that “crypto assets will be recognized and accepted by law and applicable in any legal business. They will be considered a valid means of payment, added to those included in the Financial Inclusion Law “.

The senator belongs to the National Party, which is Uruguay’s ruling party and has 10 of the 30 seats in the Senate. If the bill wins support, the government will issue three types of licenses for companies using cryptocurrencies. The first allows “companies to market any crypto asset as intermediaries (exchanges), except transactions of non-financial origin.”

The second license allows the authorized person to “store, retain or safeguard crypto assets” and the third allows the issuance of “crypto assets or utility tokens with financial characteristics”.

The country’s National Secretariat for the Fight against Money Laundering and Terrorism Financing (SENACLAFT) will be in charge of “regulating, controlling and auditing” the licensees..

Satori ensures that “the percentage of people who invest in cryptocurrencies compared to the total number of inhabitants per country is low”, and highlights the importance of adopting cryptocurrency regulation to “promote investment and protect investors”.

Colombia seeks crypto security

The development is the latest among a number of countries seeking to popularize the adoption of cryptocurrencies., including Paraguay, where a Bitcoin bill was introduced last month; Panama, which is studying the adoption of cryptocurrencies on a national scale; and Argentina, which has a bill that calls for paid workers in cryptocurrencies.

Colombia has also thrown itself into the ring; the senator Mauricio Toro presented a bill on July 27 that seeks to regulate crypto exchanges and protect consumers.

Toro highlighted on Twitter that the bill seeks to “guarantee security” in the cryptocurrency transactions, end the black market and promote cryptocurrencies as an alternative to the traditional banking system.

If approved, The bill will introduce regulations that will oblige national and international crypto exchanges operating in the country to register in the national commercial registry.

Companies will have to comply with laws against money laundering and terrorist financing, implement customer awareness and due diligence measures., such as reporting unusual or suspicious activities to the Financial Information and Analysis Unit.

In Spain, the Popular Party (PP) also recently presented a bill on cryptocurrencies, which aims to legalize the use of the technology of cryptocurrencies and blockchain for mortgage and insurance purposes.

The bill urges Spanish banks to deploy blockchain technology to manage mortgages and insurance, automating related processes through smart contracts.

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