Uruguay's BCU regulates PSAVs, requires approval

The Central Bank of Uruguay, through its Financial Services Superintendency, has launched a mandatory registration and prior approval regime for Virtual Asset Service Providers, or PSAVs, operating in Uruguay. The rule covers exchange between cryptocurrencies and fiat money, transfers, custody and related financial services, with requirements for cybersecurity, operational continuity, fund segregation and anti-money laundering controls.

Who does the new regulation cover?

Uruguay's definition of PSAV covers legal entities that routinely and professionally provide services linked to virtual assets. That excludes occasional or individual activity and focuses supervision on business operators with formal responsibility before the regulator.

The regime also includes services offered or run through smart contracts, broadening the rule's technological scope and aiming to close gaps tied to Web3 operations. In practice, the regulation is not limited to traditional wallets or exchanges.

What does the authorization process require?

Authorization is not automatic. Between Sept. 1, 2026 and March 31, 2027, the Financial Services Superintendency will review each filing based on legality, business viability, source of funds, and the reputation of shareholders and executives.

CriptoNoticias noted that registration does not mean automatic approval, so some providers may be listed as pending without being fully authorized. That adds an operational and consumer protection risk for anyone using these services during the process.

What prudential requirements did the BCU set?

The rule requires a minimum equity of 1,000,000 indexed units for companies that provide virtual asset custody. It also imposes fund segregation requirements, so customers' virtual assets must be kept separate from the provider's own assets.

CriptoNoticias highlighted that separation as a safeguard against insolvency or operational incidents. The framework also adds requirements for transparency, outsourcing, business continuity and prevention of money laundering, terrorist financing and proliferation of weapons of mass destruction.

How was the regime placed within financial rules?

The regulation was added to Title VII Ter of the Compilation of Securities Market Regulations. That placement formally situates it inside the securities market regulatory framework rather than as a standalone measure.

The Superintendency also enabled a digital channel for companies that operate with virtual assets to request the required authorization. With that, the BCU has made the registration and supervision scheme operational for the sector.

In parallel, Uruguay's financial regulatory agenda still has the Open Finance bill under parliamentary debate, according to a news report on the country's fintech ecosystem. In addition, the BID project UR-L1152, Strengthening Cybersecurity in Uruguay, aims to build national cybersecurity capabilities, although the public fact sheet does not detail a specific sector component.