This week the world of cryptocurrencies was seen revolutionized worldwide given that USA brought to court two cases of companies in this market; while, in the Uruguayan case, the bill for its regulation, which obtained half a sanction in deputiesforesees a strong control by the Central Bank of Uruguay (BCU).
The Securities and Exchange Commission (SEC)which regulates financial markets in the United States, brought the country’s largest cryptocurrency exchange platform, Coinbase, to court on Tuesday, which it accuses of violating current regulations, in the latest of several blows suffered by this sector of the world. foreign exchange market
Without a sectoral regulatory framework coming from Congress, the SEC has taken control of the regulation of cryptocurrencies, which it considers to be within its purview.
The complaint targets an already fragile sector by a series of scandalous bankruptcies last year, beginning with that of FTX, the second world platform, whose managers are accused of making use of their clients’ money behind their backs.
The complaint against coinbase It occurs the same day as a hearing on the regulation of cryptocurrencies before the Agriculture Committee of the House of Representatives of the US Congress, whose interest in the financial markets focuses on agricultural derivatives of basic products. Last Thursday, two Republican legislators from the House of Representatives They published a text that could serve as the basis for a bill to regulate crypto assets. Regulatory oversight could be split between the SEC and the agency responsible for regulating derivatives, the CFTC.
What about cryptocurrencies in Uruguay?
In mid-December of last year, the bill for the regulation of cryptocurrencies got the approval of the Chamber of Deputies by 70 affirmative votes of the 72 legislators present. Within the project, virtual asset service providers are included within financial institutions supervised by the Central Bank. So, the BCU would have the power to regulate companies or individuals that traded virtual assets.
The project establishes mandatory requirements that companies providing virtual asset services will have to comply with, within the framework of a supervision and audit of the Superintendency of Financial Services from Uruguay.
On this, the recognized promoter of financial decentralization and investor in cryptocurrencies, Tim Draperheld that “If a crypto law is approved, the whole world will talk about Uruguay”during his visit to the country. Draper added that “Latin America has a great opportunity to be the world’s crypto leader,” because “in countries with high adoptionas Argentina, consumption and the crypto economy allow the ecosystem to develop, not as in USA where people trust banks and the government and don’t take advantage of using Bitcoin.”
Source: Ambito
