- Uruguay’s Central Bank introduces framework dividing financial and non-financial virtual assets, requiring providers to comply by June 2026.
- Non-financial PSAVs face lighter registration duties but must hold deposits and submit corporate, economic, and compliance documentation.
The Central Bank of Uruguay (BCU) has proposed a new framework for virtual asset service providers (PSAV) under its Recopilación de Normas del Mercado de Valores. The initiative stems from the 2024 Virtual Assets Law, which brought the sector under the supervision of the Financial Services Superintendency. Companies currently active will have until June 30, 2026, to comply.
The draft introduces two categories: financial and non-financial virtual assets. Financial virtual assets include digital representations of value or contractual rights used for investment or carrying counterparty risks. Non-financial assets are defined by exclusion, covering everything outside that first category. Bitcoin falls into the latter group, while stablecoins are treated as financial.
Legal experts argue the definitions raise questions
According to financial law specialist Juan Diana Romero, the terms rely on language not well established in existing standards. He warns that the ambiguity could complicate enforcement and interpretation. The BCU has opened public comments until September 19, 2025, and further revisions are not ruled out.
Financial PSAVs must obtain prior authorization, maintain a minimum capital of 1.5 million indexed units, hold 50,000 IU on deposit at the BCU, and provide a 2 million IU guarantee. They are also subject to audits and full anti-money-laundering protocols. Non-financial PSAVs face lighter requirements but must still register, submit corporate documentation, and maintain a 50,000 IU deposit.
ETHNews analysts note that the structure reflects proportional risk: higher standards for stablecoins and investment-linked tokens, lighter obligations for bitcoin and similar assets. However, gaps with international guidelines such as those of the Financial Action Task Force may lead to adjustments.
