Uruguay’s BCU opens crypto provider registry

Update September 5, 2026: The BCU kept its online filing open for registering virtual asset service providers and raised prudential requirements for those that offer custody. The new rules require minimum capital of 1,000,000 indexed units, a guarantee of 600,000 indexed units in favor of the central bank, and a sight deposit of 50,000 indexed units.

The Central Bank of Uruguay has opened an online process for the "Authorization and Registration Request for Virtual Asset Service Providers," aimed at legal entities that regularly exchange, transfer, hold, or administer crypto assets and digital tokens, including transactions carried out through protocols and smart contracts. The form is already available on the government procedures portal and requires a gub.uy account with intermediate level or higher, along with an accepted electronic ID and a CJPPU professional stamp.

What does the virtual asset filing cover?

The filing is meant to formalize the relationship between crypto providers and oversight of Uruguay’s financial system through the BCU’s Superintendency of Financial Services. According to the government portal, it is an electronic process to register entities that routinely operate with virtual assets, a category that includes both traditional exchange and custody services and activities supported by smart contracts.

The rollout comes while the specific legal framework is still being developed. A recent regulatory summary says Uruguay’s draft bill No. 20.345, "Regulatory Framework for Virtual Asset Service Providers," was approved by the Senate in December 2023 and is still awaiting action in the Chamber of Deputies. The text would create a specific license under BCU supervision, with capital requirements and alignment with FATF Recommendation 15.

Another updated regulatory analysis says there is, for now, no operating specific VASP license because the bill has not been enacted. Under that setup, providers must keep using existing structures, such as public corporations or limited liability companies, register with the National Commerce Registry, obtain BCU authorization if they carry out financial intermediation, and comply with Law 19.574 on AML/CFT and the central bank’s circulars.

What does the BCU require from custodians?

The BCU requires virtual asset service providers that offer custody to hold minimum capital of 1,000,000 indexed units, provide a guarantee of 600,000 indexed units in favor of the central bank, and maintain a sight deposit of 50,000 indexed units, according to CriptoNoticias. Those conditions raise the entry threshold and reinforce the prudential focus of Uruguay’s framework for crypto assets.

What happens while the VASP license is not approved?

The BCU regulatory sandbox serves as an interim path for financial innovation projects linked to crypto and digital assets. According to the expert guidance cited in the regulatory summary, firms can request a pilot authorization of up to 12 months, renewable, and approval of the proposal usually takes between 8 and 16 weeks.

The same review includes a specific point on stablecoins. If an instrument is classified as electronic money, the issuer must obtain a license as a Payment Services Provider before the BCU and comply with the electronic money issuer rules. If it is not classified that way, the entities that intermediate it, such as exchanges or custodians, are still treated as virtual asset service providers and must register with the BCU and meet AML/CFT obligations.

What changed for dollar deposits?

The BCU also ordered financial institutions to warn depositors about exchange-rate risk in dollar accounts and other foreign-currency accounts offered to resident individuals and resident sole proprietors. The notice must be delivered in a document separate from the contract, with proof of receipt, and it will apply from October 1, 2026 for new customers and through December 31, 2026 for existing ones.

The rule was approved by the BCU’s Superintendency of Financial Services after a public consultation in which private banks voiced resistance, according to The Rio Times. The outlet also said the notice must include explicit language on exchange-rate risk, clarify that it is not financial advice or an investment recommendation, and direct readers to the BCU website for more information.

Búsqueda reported that the measure applies from October 1, 2026 for new depositors, while institutions have until the end of 2026 for existing customers. Nación said the notice may be sent by email or through digital channels with at least 10 business days’ notice, while El País said the BCU adjusted the wording from an initial draft to avoid alarmist interpretations about the safety of deposits.

Blasina y Asociados added that the new requirement strengthens the duty to warn about the risks of dollar-denominated placements, cementing the regulator’s push to make exchange-rate risk explicit in the relationship with savers and companies.