Is crypto legal in Uruguay? Rules & regulation (2026)

Legal framework

Law No. 20,345 of 19 September 2024 (Virtual Assets Act); BCU/SSF PSAV Regulatory Project (August 2025, revised March 2026); administered by Banco Central del Uruguay (BCU), Superintendencia de Servicios Financieros (SSF)

Status by sub-area

• Stablecoins

  Partial

  Stablecoins are officially classified as 'financial virtual assets' under Law 20,345 and the BCU's conceptual framework, subjecting their intermediaries to PSAVF authorisation requirements. Dedicated stablecoin-issuance rules covering reserve backing, redemption rights, and attestation have not yet been separately promulgated; they are expected within the final PSAVF regulatory text.

  Still pending: Stablecoin-issuance rules (reserves, redemption, attestation) not yet in final PSAVF regulation

• Exchanges / VASP

  Partial

  Law 20,345 establishes BCU/SSF as the licensing authority for exchanges and VASPs. The BCU PSAV regulatory project (revised March 2026, second consultation closed April 2026) sets authorisation criteria, capital thresholds, conduct obligations, and local-presence requirements, but has not yet been promulgated as final binding regulation; a transition period runs to December 2026/June 2027.

  Still pending: Final PSAV exchange regulation not yet promulgated; transition period ends Dec 2026/June 2027

• Token Offerings

  Partial

  Law 20,345 creates the category of 'decentralised-registry securities' — tokenised securities subject to BCU/SSF securities-market oversight. Token offerings qualifying as securities must comply with adapted securities-market rules; however, no standalone ICO or STO prospectus/disclosure regulation has been separately promulgated as of May 2026.

  Still pending: Standalone ICO/STO prospectus and disclosure rules not yet promulgated

• Custody

  Partial

  The BCU PSAV regulatory project (August 2025, revised March 2026) mandates asset segregation for all PSAVs providing custody: client virtual assets must be ring-fenced from proprietary assets and protected in insolvency. Custody PSAVs must maintain minimum equity of UI 1,000,000, a BCU guarantee ≥ UI 600,000, and a sight deposit of UI 50,000; proof-of-reserves and insurance requirements have not yet been separately specified. These rules are not yet in final force.

  Still pending: Custody PSAV proof-of-reserves and insurance requirements not yet specified; rules not final

• DeFi

  Unclear

  Law 20,345 and the BCU PSAV regulatory project are structured around identifiable service providers; there is no explicit regulatory treatment of decentralised protocols, DAOs, or DeFi front-ends. The BCU's conceptual framework acknowledges decentralised technologies but does not assign obligations to protocol-layer actors; enforcement posture toward DeFi remains undefined.

  Still pending: DeFi regulatory framework and enforcement posture remain undefined

• Tax

  Partial

  No dedicated crypto tax legislation exists in Uruguay; the Dirección General Impositiva (DGI) applies general tax principles. Resident individuals pay IRPF at 12% on capital gains from crypto on realisation; companies pay IRAE at 25%; net-worth tax (IP) declarations are required. No DGI-issued specific guidance covers staking rewards, airdrops, or mining income, leaving compliance uncertainty in those areas.

  Still pending: DGI guidance on staking rewards, airdrops, and mining income not issued

Key points: crypto & digital assets in Uruguay

1. 01Law 20,345, foundational statute

   Enacted 19 September 2024 and published in the Official Gazette on 27 September 2024, Law 20,345 grants BCU authority to supervise PSAVs, amends AML/CFT legislation to cover virtual assets, and introduces the category of 'decentralised-registry securities' (valores de registro descentralizado).

   impo.com.uy gub.uy

2. 02Dual PSAV regime, financial vs. non-financial

   Law 20,345 and the BCU project split providers into Financial PSAVs (PSAVF, prior BCU authorisation required, minimum equity UI 1,500,000, sight deposit UI 50,000 at BCU, guarantee ≥ UI 2,000,000; stablecoins and tokenised securities fall here) and Non-Financial PSAVs (PSAVNF, SSF registration only, primarily AML/CFT obligations; Bitcoin-only services fall here).

   bcu.gub.uy guyer.com.uy

3. 03BCU regulatory project, second consultation March 2026

   On 16 March 2026 the SSF published a revised PSAV regulatory project (second public consultation, comments due 13 April 2026) covering authorisation criteria, capital requirements, conduct rules, cybersecurity standards, and consumer protection; the project is pending final promulgation.

   ferrere.com sociedaduruguaya.org

4. 04Transition timeline for existing operators

   PSAVs already operating when the implementing rules enter into force may continue activity while seeking authorisation; the deadline to file applications is 31 December 2026, with full compliance required by 30 June 2027.

   sociedaduruguaya.org ppv.com.uy

5. 05Mandatory client-asset segregation

   The BCU regulatory project requires all PSAVs to strictly segregate client funds and virtual assets from proprietary assets; client crypto must not form part of the PSAV's insolvency estate, providing a baseline consumer-protection ring-fence.

   guyer.com.uy

6. 06Tax applied under general rules, no dedicated crypto law

   Crypto is legal to hold and trade. The DGI applies general rules: IRPF 12% on capital income for resident individuals, IRAE 25% for companies; realisation principle applies; net-worth tax (IP) declarations required; no specific guidance on staking, airdrops, or mining.

   rsm.global bragard.com.uy

Sources

1. 1.impo.com.uy/bases/leyes-originales/20345-2024
2. 2.gub.uy/presidencia/institucional/normativa/ley-n-20345-fecha-19092024-se-reg
3. 3.bcu.gub.uy/Servicios-Financieros-SSF/Documents/Proyectos%20Normativos/Comunicado
4. 4.bcu.gub.uy/NOVA-BCU/SiteAssets/Marco%20conceptual%20para%20el%20tratamiento%20de
5. 5.uruguayxxi.gub.uy/en/news/article/uruguay-builds-a-clear-and-competitive-regulatory-lan
6. 6.ferrere.com/es/novedades/uruguay-avanza-en-regulacion-de-activos-virtuales-las-10
7. 7.guyer.com.uy/informes-&-noticias/proyecto-normativo-del-bcu-para-regular-a-los-pro
8. 8.rsm.global/uruguay/es/news/criptomonedas-en-uruguay-claves-del-tratamiento-fisca
9. 9.bragard.com.uy/news/tax-treatment-of-cryptocurrencies-in-uruguay
10. 10.ccea.com.uy/items/ley-n-20-345-promulgada-19-09-2024-d-o-27-09-2024-regulacion-de
11. 11.sociedaduruguaya.org/2026/03/uruguay-avanza-en-regulacion-de-activos-virtuales-las-10-clav
12. 12.ppv.com.uy/economia/nuevo-proyecto-normativo-del-bcu-crea-y-regula-la-figura-del