Uruguay To Develop Crypto Regulations, Focusing On InnovationJune 20, 2018 3:51 pm
A special committee for the development of crypto regulation framework was created by the Uruguayan chamber of fintech, BNamericas reported Wednesday.
The committee is tasked with promoting innovation in order to help strengthen and develop the South American country’s financal system, CoinDesk reported.
As part of the committee’s work, the report said, it will also include fighting against money laundering, terrorism or drug trafficking, as well as making the industry more transparent.
While the country has not yet developed specific regulations and standards for digital currencies, the committee has invited organizations, consultants, entrepreneurs and government officials to collaborate in those areas.
The Uruguayan chamber of fintech’s former president and founder Sebastián Olivera told BNamericas regulatory proposals will pass through established institutional channels. He reportedly said the chamber seeks to attract investments and innovation in the local industry and continue promoting Uruguay as a regional technology hub.
We realize that no activity can be developed outside of the regulatory sphere, and that’s particularly true when we’re talking about the financial system,” Olivera said. “For that reason we’re focusing on collaborating with the regulator and all other stakeholders involved. Within the fintech community we dream of Uruguay being the ‘crypto-valley’ of LatAm.”
– WN.com, Jack Durschlag