The Uruguayan Chamber of fintech has announced the creation of a special committee to develop the crypto-regulation, reported BNamericas on June 19. This committee was created to strengthen and develop the financial system of the country. It will address issues such as terrorism, money laundering or drug trafficking and will also make this industry more transparent.

Although specific rules and standards for digital currencies are still in development, the fintech chamber is inviting consultants, organizations, entrepreneurs and government officials to cooperate with them. The Uruguayan Chamber of fintech’s former president and founder Sebastián Olivera told BNamericas that regulatory suggestions will go through conclusively proved institutional channels. He also said that the chamber plans to attract investments and innovations to the local industry in order to continue to promote Uruguay as a regional technology centre. Olivera added: "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. 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."

According to Mario Marcel, president of the central bank of Chile, the possibility of a country's cryptocurrency is considered to monitor risks. He assured that “incorporating regulation will allow having a registry of participants in these activities and thus have information to monitor the associated risks.”

This summer, the authorities of Kazakhstan plan to approve rules for crypto-regulation. The Astana International Financial Center’s governor Kairat Kaliyev noted that for this purpose the centre cooperates with international companies in order to develop appropriate regulatory standards and also it provides financial assistance to support fintech innovation in the country.

Source:

https://cointelegraph.com/news/uruguay-to-develop-crypto-regulations-focusing-on-innovation