Uruguayan Blockchain Chamber Criticizes Crypto Regulation Draft: Could Stifle Local Startups

Deep Tide TechFlow reports, on May 30, according to CriptoNoticias, Juan Manuel Sobral, president of the Uruguayan Blockchain Chamber, criticized the country's proposed cryptocurrency regulation, stating that the rules have significant flaws. Sobral pointed out that the draft fails to differentiate the risk levels of various crypto business models and requires companies to pay an entry guarantee of up to $100,000, which would impose a substantial burden on startups. He also noted that the regulatory framework overlooks the development characteristics of emerging fields such as NFTs and RWAs. Sobral warned that overly rigid regulatory policies could drive local crypto companies to shift to overseas markets, negatively impacting Uruguay's tax revenue and industry competitiveness.