#CryptoRegulation How is cryptocurrency regulation in Latin America?

Uruguay

Only in 2021 did the Central Bank of Uruguay (BCU) publish a statement confirming 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 N°3825 was introduced by senator Irajá Abreu of the Social Democratic Party. This proposal unifies all previous projects and aims to provide transparency for operations and prevent tax evasion and money laundering.

Bolivia

Since 2014, the BCB has repeatedly reiterated the prohibition of crypto assets, as stated 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 unclear regarding the regulatory framework as there is no law directly regulating cryptocurrencies.

Paraguay

A project includes cryptocurrency mining and defines it as an innovative digital industry that could receive state incentives. Nevertheless, Facetti emphasized that crypto assets will not be considered legal tender. The proposal still needs to go 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 will become legal tender. However, they do acknowledge that the state cannot be excluded from this activity.

Colombia

Starting April 1st, transactions with Bitcoin above US$ 150 must be reported to the UIAF. Sanctions for non-compliance with the