Armenia vs Uruguay
Crypto regulation comparison
Armenia
Uruguay
Legal
Legal
Armenia adopted a comprehensive Law on Crypto Assets in May 2025, effective July 2025, modeled on the EU's MiCA. The Central Bank of Armenia licenses crypto service providers. Non-entrepreneur crypto gains are tax-free (0%); ECOS Free Economic Zone offers incentives for blockchain startups. Licensing enforcement begins January 2026.
Uruguay has a generally favorable stance toward cryptocurrency. The BCU has not banned crypto and in 2024 introduced regulations for virtual asset service providers. Crypto income may be taxed at 12% under the IRPF (personal income tax) as capital income. Uruguay has a stable economy and is positioning itself as a fintech hub in Latin America.
Tax Type
Capital gains
Tax Type
Income
Tax Rate
0% (non-entrepreneur) / 10-20% (business)
Tax Rate
12%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Central Bank of Armenia
Regulator
BCU (Banco Central del Uruguay)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No specific stablecoin regulation
Key Points
- Law on Crypto Assets adopted May 2025, effective July 2025
- Central Bank of Armenia licenses all crypto service providers
- 0% capital gains tax for non-entrepreneur crypto transactions
- Framework modeled on EU MiCA regulation
- Licensing enforcement begins January 31, 2026
Key Points
- BCU introduced VASP regulations in 2024
- Crypto income taxed at 12% as capital income under IRPF
- Crypto not classified as legal tender; peso remains the national currency
- Uruguay has a relatively stable economy and favorable fintech environment
- AML/KYC requirements apply to registered VASPs