Marshall Islands vs Uruguay
Crypto regulation comparison
Marshall Islands
Uruguay
Legal
Legal
The Marshall Islands passed the Sovereign Currency Act in 2018 to create the SOV, a blockchain-based national digital currency. No income or capital gains tax.
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
No tax
Tax Type
Income
Tax Rate
0%
Tax Rate
12%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
Banking Commission of the Marshall Islands
Regulator
BCU (Banco Central del Uruguay)
Stablecoin Rules
No specific stablecoin regulation
Stablecoin Rules
No specific stablecoin regulation
Key Points
- Sovereign Currency Act (2018) created SOV digital currency
- No income or capital gains tax
- Has been a popular jurisdiction for DAO registration
- Banking Commission provides oversight
- Limited domestic crypto adoption
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