Uganda Blockchain Association Endorses Calls for the Creation of Crypto Regulatory Framework – Regulation Bitcoin News

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.

How To Get Free Crypto  

As previously reported by 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 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.

Coinbase Banner  

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. 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

Go to Source
Author: Terence Zimwara

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.