In Uruguay, on September 11, a bill to promote entrepreneurship was approved, which in its article 50 regulates collective financing or crowdfunding platforms, and that could be applied to some ICOs. This was reported by lawyer Paula Rodríguez Medalla, on the website Manage your risk.
"This law aims to promote entrepreneurship, the creation of companies and access to entrepreneurial capital in the country, and establishes the creation of partnerships by simplified actions to facilitate the procedures to be carried out by startups," Rodríguez Medalla explained.
In addition, the lawyer stressed that the project includes a chapter on a system of collective financing through web or digital platforms, which she defines as “trading markets for public offering securities open to the direct participation of investors, and reserved for issues of reduced amount ”. The law provides that the Central Bank will establish maximum emission limits.
It should be noted that the project designates the Superintendence of Financial Services of the Central Bank of Uruguay as the authority for control, regulation and supervision of these platforms, which must request prior authorization to operate.
"Without a doubt, this rule supposes a new legal framework for some ICOs dedicated to collective financing, so it will be essential to be attentive to the regulation that the Central Bank of Uruguay issues on the subject," said Rodríguez Medalla.
An ICO (initial money offer) is a method of raising money to support a new project through cryptocurrencies. It is usually used by companies that are starting to avoid a strict and too regulated process of capital acquisition required by venture capitals or banks.
In an ICO campaign, a percentage of cryptocurrencies is usually sold to project enthusiasts in exchange for certain means of payment or also cryptocurrencies. ICOs share characteristics of IPOs and crowdfunding.
About Paula Rodríguez Medal
She is a lawyer and has a Postgraduate Degree in Economic Criminal Law at the UM. She is certified in the Prevention of Money Laundering by ISEDE, Business School, and is currently pursuing a Master's Degree in Regulatory Compliance from the University of Castilla – La Mancha, Spain. He also has experience working in the prevention of money laundering for the financial sector.
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