Uruguay and Colombia are stepping up their efforts to understand and regulate Bitcoin and cryptocurrencies with the digital assets continuing to recover after a slump earlier this summer.
Uruguayan senator Juan Sartori introduced a draft bill that is designed to regulate crypto and address loopholes that have allowed the proliferation of harmful practices.
According to Sartori, his bill stands a real chance of addressing vulnerabilities in the crypto system and how it affects ordinary people, as well as to prevent crypto-related crimes.
In wording the draft, Sartori has taken a broad stance, allowing him to elicit endorsement from a bigger group of people.
The law proposes to regulate crypto assets, including how they are issued and held, but it leaves crypto mining unregulated, which it considers a different set of economic activity.
If the bill passes it should establish three separate licenses for parties that are interested in joining the crypto industry.
There will be a license each for centralized and peer-to-peer exchanges, crypto asset custody licenses and crypto tokens, including stablecoins and ICOs.
Colombia calls for broader move on crypto
While Uruguay is laying the ground work of its crypto bill, Colombia’s senator Mauricio Toro announced earlier week that he is pitching a draft law of his own that is designed to create more crypto-friendly regulations in the country.
However, a lot of the law will focus on addressing concerns and issues that pertain to the black market, Toro explained.
Should the bill succeed, Toro believes that a freshly regulated crypto market should lead to safer transactions as well as some alternatives to traditional banking.
As regulatory uncertainty persists, though, you can still use crypto for entertainment purposes rather than investment. Don’t hesitate to join igaming websites such as Bitcasino, 1xBit or FortuneJack.