Uruguay

Legal

Virtual Asset (Activo Virtual) · Comprehensive · ↻ under consideration

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Comprehensive framework Approved · 2024 CASP / VASP regime Approved · 2024 Licensing In progress · 2024 AML / CFT Approved · 2024 Stablecoins Partial · In progress · 2024 CBDC N/A Consumer protection Approved · 2024 Travel rule — Advertising rules — Taxation Taxed

Summary

Uruguay formalized crypto regulation with Law 20.345, approved in October 2024, which recognizes virtual assets and places Virtual Asset Service Providers (VASPs) under the supervision of the Banco Central del Uruguay (BCU). VASPs must register and obtain authorization from the BCU and register with the financial intelligence unit (UIAF) for AML/CFT purposes. The law classifies virtual assets into categories (financial, stablecoins, utility and others); fully fiat-backed stablecoins could be treated as electronic money under controlled licenses. Implementing/secondary regulation was still being developed.

Timeline

2017: BCU launches the e-Peso CBDC pilot (subsequently concluded). October 2024: Law 20.345 approved, recognizing virtual assets and assigning VASP supervision to the BCU with mandatory registration and UIAF AML enrollment. 2025: BCU works on implementing technical standards; gaps still to be covered (NFTs, smart contracts, DAOs).

Licensing

Ley 20.345 (2024) authorizes a BCU regime: financial PSAV require BCU authorization, non-financial PSAV register. The operative secondary regulation was in draft/public consultation through 2025 (BCU draft 21 Aug 2025), with existing operators given until 30 Jun 2026 to adapt — so the licensing/registration regime is in implementation rather than fully operational.