Uruguay’s executive branch has submitted a bill to Congress that seeks to give the Central Bank of Uruguay (BCU) legal powers to regulate virtual assets. The bill proposes the creation of a new category of companies for virtual asset service providers and seeks to amend the BCU's bylaws to place virtual asset service providers under the supervision of the Financial Services Regulatory Authority; it also seeks to amend the Securities Market Act, and treats encrypted assets as book-entry securities that can only be issued by registered entities that meet the requirements set out in the law and regulations, "Under the proposed amendments, both previously regulated entities and newly registered entities operating with virtual assets will Subject to the supervisory and control powers of the Central Bank of Uruguay". Presented by the Uruguayan Ministry of Economy and Finance to the president of the General Assembly, the bill must be approved by the country's Chamber of Deputies and its Senate to become law.