Canada    FinTech Guide    Chapter 11    Uruguay


11. Identification
Uruguay  Uruguay

There is an increasing interest in this type of services.



Legal Affairs


If the identification services described above are for the benefit of an entity which is under the control of the CBU, it may be deemed that the same is an outsourcing of services of such entity and therefore an authorization of the CBU would be necessary.

If the identification services, are electronic signature and tokens, that have been instated through Law 18.600 and the regulatory Decree, a license would be required.

According to section 18 of Law 18.600, all electronic certification services provider must:


  1. Abstain from demanding, taking knowledge or accessing under any circumstance to the creation of the electronic signature done by the users certified by the own provider.

  2. To provide to the requirer, prior to the expedition of the electronic signature, a set of minimum information done without cost and through physical or electronic format.

Other identification services not included within the scope of the above reference regulations do not require any type of license.



Economic Conditions


No data available.


Miscellaneous


Our Government has taken a particular interest in regulating and promoting FinTech and different technological projects in the country regarding finance, as well as the identification and electronic signature, through modern regulations and legislation, specifically through dispositions and regulations of the CBU and national laws. Such actions are planned to continue in the present year and in the near future.


Contributing Authors

Guyer & Regules

Federico Susena
Montevideo, Uruguay


John Leaman
Montevideo, Uruguay

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018