Uruguay Stablecoin Regulation

Stage: Live

Regulator: Banco Central del Uruguay (Central Bank of Uruguay) / Superintendencia de Servicios Financieros (SSF)

Uruguay has a live virtual-assets regime under Ley 20.345 (2024) and the July 2026 PSAV regulation (SSF 2026-444 / Circular 2507). Stablecoins that are 100% backed by a single fiat currency in local institutions and pay no interest are treated as electronic money under Ley 19.210; algorithmic stablecoins are not admitted. PSAVs require BCU authorisation, with minimum capital and guarantee requirements for custody providers. Integration of stable virtual assets into the payments system is planned for the 2026-2030 horizon.

Applicable Laws:

• Ley N° 19.210 (Ley de Inclusión Financiera – Dinero Electrónico) - https://www.impo.com.uy/bases/leyes/19210-2014
• Ley N° 20.345 (Regulación de Activos Virtuales) - https://www.impo.com.uy/bases/leyes/20345-2024
• Ley N° 20.446 (Presupuesto Nacional 2025-2029 – amendments) - https://medios.presidencia.gub.uy/legal/2025/leyes/12/cons_min_318.pdf
• Resolución SSF N° 2026-444 / Circular N° 2507 (PSAV Regulation) - https://www.ambito.com/uruguay/el-banco-central-del-exigira-plataformas-criptomonedas-garantias-dolares-y-reporte-datos-usuarios-n6302482