Ugandan Blockchain Association Endorses Calls For Creation Of Crypto Regulatory Framework – Bitcoin Regulation News

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The Ugandan blockchain community welcomes the recent appeal to authorities to create a cryptocurrency regulatory framework, said a board member of the Blockchain Association of Uganda (BAU). Member Suleiman Murunga explains that such a framework “will build investor confidence and stimulate the participation of innovators.”

Ugandan FIA calls for crypto framework

BAU’s Murunga remarks come just months after the country’s Financial Intelligence Authority (FIA) asked the country’s finance ministry to look into the possibility of regulating the cryptocurrency.

As previously reported by Bitcoin.com News, the FIA ​​made the decision to call for cryptocurrency regulation 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 economy as a whole” from possible misuse of cryptocurrencies.

Central Bank prioritizes implementation of guidelines for payment service providers

Meanwhile, Murunga told Bitcoin.com News that although Ugandan authorities have apparently acknowledged the FIA’s call, there has not yet been a noticeable movement on this front. He explained:

“[The] Bank of Uganda still focus on the implementation of the payment service provider [PSP] guidelines and cannot be bothered with crypto at this time.

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

It remains to be seen whether the Ugandan authorities will turn their attention to cryptocurrencies once the implementation of the PSP guidelines is completed.

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

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