The Central Bank of Uruguay approves regulations for Virtual Asset Service Providers (VASPs)

On 10 July, the Central Bank of Uruguay (BCU) approved the final regulations applicable to Virtual Asset Service Providers (PSAVs), establishing a comprehensive regulatory framework for companies carrying out activities related to crypto-assets, virtual assets and blockchain technologies in the country.

The regulations introduce a new framework for authorisation, supervision, corporate governance, compliance and the prevention of money laundering for the operators covered.

It regulates, amongst other activities, the exchange of virtual assets, the exchange of virtual assets for fiat currencies, the transfer, custody and management of such assets, as well as the provision of financial services related to their offering or trading. It also covers certain activities carried out through smart contracts and decentralised protocols.

One of the most significant aspects is the establishment of a timetable for the sector’s operators to come into compliance. Companies currently carrying out activities covered by the regulations may submit their applications for authorisation to the BCU between 1 September 2026 and 31 March 2027, whilst new operators must obtain authorisation prior to commencing operations.

This new regulatory framework necessitates a review of corporate structures, business models, compliance policies, anti-money laundering procedures, custody mechanisms and client protection measures, as well as potential alignment with the capital and corporate governance requirements set by the regulatory authority.

The regulation represents a milestone for the fintech and digital assets ecosystem in Uruguay, providing greater legal certainty and strengthening the sector’s standards of transparency and supervision.

ECIJA URUGUAY TEAM