#CryptoRegulation How is cryptocurrency regulation in Latin America?

Uruguay

Only in 2021, the Central Bank of Uruguay (BCU) published a statement where it assured that during that year it had a working group dedicated to studying the topic. Later, through its financial innovation program Nova BCU, they published a document that lays the groundwork for possible regulation.

Brazil

In 2022, project No. 3825 was presented by the senator of the Social Democratic Party, Irajá Abreu. This proposal unifies all previous projects and aims to provide transparency to operations and prevent tax evasion and money laundering.

Bolivia

Since 2014 until now, the BCB has reiterated on multiple occasions the prohibition of crypto assets, as in a statement from 2017 or in the Board Resolution 144/20 from 2020, which were reaffirmed in 2022.

Mexico

The situation in Mexico is a gray area regarding the regulatory framework since there is no law that directly regulates cryptocurrencies.

Paraguay

A project includes cryptocurrency mining and defines it as an innovative digital industry that could receive state incentives. Nonetheless, Facetti emphasized that crypto assets will not be legal tender. The proposal still needs to pass through the Chamber of Deputies and the Executive Power.

Peru

A legislator clarified that in their project, cryptocurrencies would not be considered legal tender as in El Salvador.

Ecuador

Like other countries, it was clarified that regulation does not imply that Bitcoin becomes legal tender. However, they do accept that the State cannot be left out of this activity.

Colombia

Starting April 1st, transactions with Bitcoin greater than US$ 150 must be reported to the UIAF. The penalties for non-compliance with the regulations could range from 100 to 400 minimum wages.