Uganda Blockchain Association Endorses Calls for the Creation of Crypto Regulatory Framework

0 22

Uganda’s blockchain community welcomes the recent call on authorities to create a cryptocurrency regulatory framework, a board member of the Blockchain Association of Uganda (BAU) has said. The member, Suleiman Murunga, explains that such a framework “will create investor confidence and boost participation by innovators.”

Uganda’s FIA Calls for Crypto Framework

The remarks by BAU’s Murunga come just a few months after the country’s Financial Intelligence Authority (FIA) told the country’s Ministry of Finance to look into the possibility of regulating cryptocurrency.

As previously reported by Bitcoin.com News, the FIA took the step of calling for regulation of cryptocurrencies after noting that only a few crypto entities had voluntarily registered. The FIA hoped to use the crypto industry’s compliance with the voluntary registration policy to bolster its own ability to “protect users and the larger economy” from the possible misuse of cryptocurrencies.

Central Bank Prioritizing Implementation of Payment Service Provider Guidelines

Meanwhile, Murunga tells Bitcoin.com News that while Ugandan authorities have seemingly acknowledged the FIA’s call, there has not been any notable movement on this front just yet. He explained:

“[The] Bank of Uganda is still focused on the implementation of the payment service provider [PSP] guidelines and can’t be bothered with crypto at the moment.”

As suggested by Murunga, the central bank has so far prioritized the implementation of PSP guidelines ahead of creating a crypto regulatory framework. This is evidenced by a report in Ugandan media which suggested that the central bank had taken over the regulation of mobile money service providers.

It remains to be seen if Ugandan authorities will turn their attention towards cryptocurrencies once the implementation of the so-called PSP guidelines is complete.

Do you agree with the Blockchain Association of Uganda’s endorsement of a call to regulate cryptos? Tell us what you think in the comments section below.

Tags in this story

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 59,213.00
ethereum
Ethereum (ETH) $ 4,036.81
binance-coin
Binance Coin (BNB) $ 457.19
tether
Tether (USDT) $ 1.00
cardano
Cardano (ADA) $ 1.95
solana
Solana (SOL) $ 188.19
xrp
XRP (XRP) $ 1.04
polkadot
Polkadot (DOT) $ 41.42
dogecoin
Dogecoin (DOGE) $ 0.300456
shiba-inu
Shiba Inu (SHIB) $ 0.000073
usd-coin
USD Coin (USDC) $ 1.00
terra-luna
Terra (LUNA) $ 40.23
chainlink
Chainlink (LINK) $ 29.98
avalanche-2
Avalanche (AVAX) $ 62.36
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 59,273.00
binance-usd
Binance USD (BUSD) $ 1.00
uniswap
Uniswap (UNI) $ 24.49
litecoin
Litecoin (LTC) $ 183.90
matic-network
Polygon (MATIC) $ 1.87
algorand
Algorand (ALGO) $ 1.80
cosmos
Cosmos (ATOM) $ 38.88
bitcoin-cash
Bitcoin Cash (BCH) $ 562.75
vechain
VeChain (VET) $ 0.126829
fantom
Fantom (FTM) $ 3.33
stellar
Stellar (XLM) $ 0.340204
dai
Dai (DAI) $ 1.00
axie-infinity
Axie Infinity (AXS) $ 124.83
internet-computer
Internet Computer (ICP) $ 41.66
ftx-token
FTX Token (FTT) $ 58.16
tron
TRON (TRX) $ 0.093518
ethereum-classic
Ethereum Classic (ETC) $ 50.84
filecoin
Filecoin (FIL) $ 56.17
compound-ether
cETH (CETH) $ 80.97
near
Near (NEAR) $ 11.99
theta-token
Theta Network (THETA) $ 6.23
okb
OKB (OKB) $ 21.98
staked-ether
Lido Staked Ether (STETH) $ 4,011.13
hedera-hashgraph
Hedera (HBAR) $ 0.359493
tezos
Tezos (XTZ) $ 6.02
elrond-erd-2
Elrond (EGLD) $ 253.53
crypto-com-chain
Crypto.com Coin (CRO) $ 0.188835
monero
Monero (XMR) $ 262.38
the-graph
The Graph (GRT) $ 0.933930
aave
Aave (AAVE) $ 321.32
pancakeswap-token
PancakeSwap (CAKE) $ 17.98
eos
EOS (EOS) $ 4.32
olympus
Olympus (OHM) $ 1,149.07
harmony
Harmony (ONE) $ 0.351438
cdai
cDAI (CDAI) $ 0.021793
klay-token
Klaytn (KLAY) $ 1.52
quant-network
Quant (QNT) $ 283.25
flow
Flow (FLOW) $ 12.24
compound-usd-coin
cUSDC (CUSDC) $ 0.022408
thorchain
THORChain (RUNE) $ 12.14
iota
IOTA (MIOTA) $ 1.22
ecash
eCash (XEC) $ 0.000177
kusama
Kusama (KSM) $ 363.93
bitcoin-sv
Bitcoin SV (BSV) $ 159.15
leo-token
LEO Token (LEO) $ 3.13
neo
NEO (NEO) $ 40.38
waves
Waves (WAVES) $ 27.93
terrausd
TerraUSD (UST) $ 1.01
helium
Helium (HNT) $ 25.49
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 132.64
huobi-btc
Huobi BTC (HBTC) $ 59,229.00
arweave
Arweave (AR) $ 46.06
bittorrent-2
BitTorrent (BTT) $ 0.003472
magic-internet-money
Magic Internet Money (MIM) $ 1.00
celo
Celo (CELO) $ 6.30
maker
Maker (MKR) $ 2,281.15
amp-token
Amp (AMP) $ 0.042333
sushi
Sushi (SUSHI) $ 10.54
celsius-degree-token
Celsius Network (CEL) $ 4.66
enjincoin
Enjin Coin (ENJ) $ 2.14
blockstack
Stacks (STX) $ 1.82
curve-dao-token
Curve DAO Token (CRV) $ 4.89
safemoon
SafeMoon (SAFEMOON) $ 0.000003
compound-governance-token
Compound (COMP) $ 307.11
dash
Dash (DASH) $ 178.39
holotoken
Holo (HOT) $ 0.010330
omisego
OMG Network (OMG) $ 12.76
theta-fuel
Theta Fuel (TFUEL) $ 0.320507
zcash
Zcash (ZEC) $ 149.40
havven
Synthetix Network Token (SNX) $ 9.46
nexo
NEXO (NEXO) $ 2.93
chiliz
Chiliz (CHZ) $ 0.306078
huobi-token
Huobi Token (HT) $ 9.14
decred
Decred (DCR) $ 108.75
ecomi
ECOMI (OMI) $ 0.006656
nem
NEM (XEM) $ 0.159493
spell-token
Spell Token (SPELL) $ 0.019602
secret
Secret (SCRT) $ 9.09
qtum
Qtum (QTUM) $ 12.47
icon
ICON (ICX) $ 1.89
mina-protocol
Mina Protocol (MINA) $ 4.61
true-usd
TrueUSD (TUSD) $ 1.00
kucoin-shares
KuCoin Token (KCS) $ 15.78
zilliqa
Zilliqa (ZIL) $ 0.096939
yearn-finance
yearn.finance (YFI) $ 34,158.00
osmosis
Osmosis (OSMO) $ 5.59