Central Bank of Uruguay Approves Rules for Bitcoin and Cryptocurrency Brokers

The Superintendency of Financial Services of the Central Bank of Uruguay has approved a regulatory framework for bitcoin and cryptocurrency brokers. The document, released on Wednesday (22), regulates the operations of brokers with a focus on protecting local consumers and aims to align technological innovations with global financial security practices. Companies need prior authorization from the BCU to operate legally. Businesses must be structured as formal commercial entities with clear governance and risk control rules. The new rule defines permitted operations under the Uruguayan government license, covering exchanges between crypto assets and fiat currencies on digital platforms. The regulation also addresses custody services and financial balance transfers between clients. Organizations must maintain a clear separation between their own resources and users' assets, and administrators must reserve a capital of one million indexed units. Additional requirements include guarantees and direct deposits in the state bank. The legislation mandates the hiring of independent auditors to assess the infrastructure of cryptocurrency companies. The regulation prohibits the use of investors' resources without express and documented permission. Violations result in administrative sanctions against directors. The legal framework requires the submission of ethics manuals for employees, training the staff to detect attempts at fraud.

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