China vs Uruguay
Crypto regulation comparison
China
Uruguay
Banned
Legal
China has imposed a comprehensive ban on cryptocurrency activities. In September 2021, the PBOC and ten other agencies jointly declared all cryptocurrency transactions illegal, and the State Council banned crypto mining. China is instead promoting the digital yuan (e-CNY) CBDC.
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
Unclear
Tax Type
Income
Tax Rate
N/A
Tax Rate
12%
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
PBOC (People's Bank of China), CBIRC, CSRC
Regulator
BCU (Banco Central del Uruguay)
Stablecoin Rules
Not applicable; all crypto activities are banned
Stablecoin Rules
No specific stablecoin regulation
Key Points
- All crypto transactions declared illegal by PBOC and 10 agencies in September 2021
- Crypto mining banned by the State Council in 2021 after a series of provincial crackdowns
- Financial institutions and payment companies prohibited from facilitating crypto services
- China actively developing and piloting the digital yuan (e-CNY) CBDC
- Despite the ban, some Chinese citizens reportedly access crypto via VPNs and OTC desks
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