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Singapore vs Uruguay

Crypto regulation comparison

← Back to map | Singapore | Uruguay
Singapore

Singapore

Uruguay

Uruguay

Legal
Legal

Singapore is a leading global crypto hub with a comprehensive regulatory framework under the Payment Services Act (PSA) 2019, amended in 2022. MAS licenses Digital Payment Token (DPT) service providers for AML/KYC compliance and consumer protection. Singapore has no capital gains tax, making it attractive for crypto businesses and investors. However, MAS has progressively tightened retail investor protections, restricting crypto advertising and requiring risk warnings. Short term trading gains is considered income and taxed as such.

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 Varies
Tax Type Income
Tax Rate 0%-24%
Tax Rate 12%
Exchanges Yes Yes
Exchanges Yes Yes
Mining Yes Yes
Mining Yes Yes
Regulator MAS (Monetary Authority of Singapore)
Regulator BCU (Banco Central del Uruguay)
Stablecoin Rules MAS-regulated stablecoin framework (2023); SG-dollar stablecoins must meet reserve and disclosure requirements
Stablecoin Rules No specific stablecoin regulation
Key Points
  • Payment Services Act (PSA) 2019 provides licensing for Digital Payment Token (DPT) services
  • MAS issues Major Payment Institution (MPI) and Standard Payment Institution (SPI) licenses for crypto
  • No capital gains tax on crypto for individuals; trading profits may be taxed if deemed business income
  • MAS introduced stablecoin regulatory framework in August 2023 for SG$-pegged stablecoins
  • Strict retail investor protection: crypto advertising restricted, no incentives for trading
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
Sources
Sources