Uruguay is a Latin American country with a high standard of living and security. Although there is no precise regulation in the form of a crypto bill yet. However, it has crypto regulations in the form of bylaws.
Country overview
#90
UruguayCountry stats
Rating Points
130
This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.
Crypto Penetration
1.3%
Estimated percentage of crypto users out of the country's total population based on public data.
Legal Entities
Empty
Number of crypto companies registered in the country based on regulator data if available or other types of public data.
Regulation Points
80
An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.
Amount of crypto users
44 200
Total amount of crypto users out of the country's total population based on public data.
Taxation points
15
This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.
Market volume points
49.3
A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.
Status of crypto
Legally allowed
General status of cryptocurrency regulation in this jurisdiction.
Crypto payments
Legally allowed
The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.
Security Level
High danger
The overall level of security in a given country based on open data.
Crypto Salaries
No info
The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.
Business Climate
No data
Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.
Stablecoin Regulation
No data
This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.
Bad Factors
No
This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.
Types of licenses
Crypto-to-crypto
This license type allows VASP to provide legal exchange from one cryptocurrency to another.
Crypto-to-fiat
This type of license regulates the exchange from cryptocurrency to fiat.
Wallet/Custody
This country has a legal licensing procedure for companies that store cryptocurrency - - crypto wallet providers and custodians.
Fintech
This indicator means that in a given country, companies with fintech licenses (financial services) can legally transact with crypto assets and the country has appropriate licensing procedures.
Good
Medium
Bad
Uruguay has a high danger security level according to our rating. Jurisdiction has 48.1 points (from 100) for safety level in Numbeo crime rating (1). Homicide level (2) is 11.2 per 100,000 inhabitants a year. Level of firearm-related death (3) 11.67 per 100,000 inhabitants a year.
In October 2021 the Central Bank of Uruguya has issued a statement (4) dedicated to cryptoregulations. It’s established that cryptocurrencies may be accepted in the performance of private contractual obligations, freely agreed upon by the parties, as a means of payment, provided that they are used for no other purpose than to serve as such and without prejudice to the applicable regulations on means of payment and legal tender.
Recently, the General Tax Directorate (DGI), through Consultation 6419, adopted the position that cryptocurrencies are intangible personal property that cannot be considered as money. According to this positon, crypto payments may be possible as a legal transaction of exchange of movable or immovable property.
From the general regime of composition and payment of salaries, it turns out that in some instances, cryptocurrencies could be (5) used as consideration for goods and services to individuals. However, regular payment of wages is possible only in national currency.
Based on Ambito (6), the main crypto regulators in the country are the Superintendency of Financial Services (SSF) and the Central Bank of Uruguay. The government has introduced legislation to the parliament on Sept. 5 (2022), accelerating industry regulation: The Virtual Asset Law (text in Spanish) (7).
The bill project confirms (8) the status of the Superintendency of Financial Services (SSF), a central bank entity, as a crypto regulator. It defines the following VASP activities: cryptocurrency exchange, custody services, and AML procedures. Additionally, the document defined four types of digital assets: stablecoins, governance tokens, tradable assets, and debt tokens.
The document refers to virtual assets as securities and categorizes them into four types: tradable assets, stablecoins, governance tokens, and debt tokens.
On top of that, the bill proposes(9) to create a new category of companies for virtual asset service providers (VASPs). It further seeks to amend the organic charter of the Central Bank of Uruguay (BCU) and put VASPs under the supervision of the central bank entity, the Financial Services Superintendence (SSF).
In December 2022, VA regulation proposals were approved by the local parliament. Still, according to existing regulation proposals approved by the local parliament, Uruguay will implement 2023 a licensing regime for VASPs under the Central Bank of Uruguay and its Superintendency of Financial Services (SSF).
| Tax name | Index |
| PIT tax Min | 36 |
| PIT tax Max | 36 |
| Corporate tax (CIT) | 25 |
| Min Individual CGT (for crypto) | 10 |
| Max Individual CGT (for crypto) | 36 |
| Wealth tax Min | 0.1 |
| Wealth tax Max | 0.15 |
PIT
Headline PIT rate for Residents: 36%; for Non-residents: 12% by PWC(10).
CIT
The Headline CIT rate is 25%, according to PWC(10).
CGT
Headline corporate capital gains tax rate (%): Capital gains are subject to CIT and taxed at 25% (there is no corporate capital gains tax in Uruguay) based on PWC(10).
1)Crime Index by Country 2023 Mid-Year
2)List of countries by intentional homicide rate
3)List of countries by firearm-related death rate
4)Novedades: activos virtuales - criptomonedas. News: virtual assets - cryptocurrencies. Article
5)Pago de salarios mediante criptomonedas. Payment of salaries through cryptocurrencies. Article
7)Proyecto para Regular Activos Virtuales. Project to Regulate Virtual Assets. Article
8) A new regulatory bill grants the Uruguayan Central Bank control over the nation's crypto industry. Article
9)Crypto Regulation in Focus. Article
10)Overview. PWC