• Uruguay passes Bill 20.345, positioning itself as a global and regional leader in cryptocurrency regulation.
• The new law categorizes cryptocurrencies, establishing a framework that recognizes digital assets distinct from fiat currency.

Uruguay has recently made significant strides in regulating the cryptocurrency sector with the enactment of Bill 20.345, focusing on Bitcoin (BTC) and other digital currencies. This legislation positions Uruguay as a pioneer not only in Latin America but also globally, where few jurisdictions have established specific legal frameworks for cryptocurrencies.

As reported by Crypto News Flash, Uruguay now joins nations like El Salvador, Brazil, Argentina, and Venezuela, which possess some of the most developed cryptocurrency regulations in Latin America. This development has sparked both national and international discussions about the implications of such regulation.

The Uruguayan Fintech Chamber (CUF) was among the first to comment on the law, praising the government’s initiative as a significant first step in addressing cryptocurrency operations and recognizing them more formally within the national economy.

Desde la Cámara Uruguaya de Fintech celebramos la reciente aprobación de la primera Ley de Activos Virtuales en Uruguay, un hito significativo en el marco regulatorio del país. 👏👏👏 pic.twitter.com/koRz0htp3D

— Cámara Uruguaya de Fintech (@camurufintech) September 27, 2024

According to the CUF, the law establishes a basic framework that acknowledges cryptocurrencies, treating them as assets rather than fiat currency. This is seen as a crucial move towards legitimizing crypto currencies in Uruguay, providing clear guidelines for exchanges and other businesses in the sector to operate legally and transparently.

In the long term, this law has the potential to transform the financial landscape in Uruguay, attracting new investors and companies in the fintech sector. In addition, it provides a solid foundation for the development of new technologies and financial services based on virtual assets, which could position Uruguay as a benchmark in the region. – Uruguayan Fintech Chamber.

Furthermore, the legislation categorizes digital currencies into four types as defined by the Central Bank of Uruguay: “value currencies,” “utility tokens,” “stablecoins,” and “others.” This classification aims to create a more transparent regulatory environment and is a key aspect of the law highlighted by Uruguayan lawyer Juan Echeverría. 

He noted that this categorization is vital for clarifying the legal status of different types of digital currencies and enhancing measures against money laundering and terrorism financing.

However, the law also introduces challenges, particularly concerning its implementation. The Central Bank of Uruguay is expected to issue detailed regulations in the coming months, which will include the steps for registering cryptocurrency platforms and the operational and legal requirements these entities must fulfill.

For the Fintech Chamber, understanding how these regulations will be executed and the timelines involved is critical. The ability of businesses to quickly adapt to these new legal and operational demands will be essential for the sustainable growth of the sector.

Visitors to Lego’s website on the evening of October 4 were greeted by a suspicious banner showcasing golden coins adorned with the Lego logo, encouraging people to invest in a so-called “Lego coin.” This banner promised secret rewards to those who bought the coins. However, Lego had no plans to release any cryptocurrency, and it quickly became apparent that this was a fraudulent scheme. According to The Brick Fan, the banner led visitors to an external website selling “LEGO Tokens” using Ethereum, a clear sign of a cyberattack.

Lego.com hacked by crypto scammers
byu/mescad inlego

Hackers seemingly took over part of Lego’s site and used the platform to promote a cryptocurrency scam, targeting unsuspecting fans and buyers. Many users, including those on the Lego subreddit, raised concerns about the banner and links, noticing that the incident occurred during the nighttime at Lego’s headquarters in Denmark.

Lego reacts quickly to the hack

Although the breach happened overnight in Denmark, Lego quickly responded once alerted to the issue. The company swiftly removed the unauthorised banner and the fraudulent links. As of this writing, the Lego and Fortnite collaboration banner is back in place, and the “buy now” link has been restored to direct visitors to the correct collection of products.

Lego reassured its customers that no user accounts were compromised during the breach. The company explained that it had already identified the cause of the incident and is taking steps to ensure that a similar situation does not occur again. However, Lego did not share any details about what led to the hack or the specific measures it is implementing to prevent future attacks.

Official company statement

Lego issued an official statement regarding the incident:

“On October 5, 2024 (October 4 evening in the US), an unauthorised banner briefly appeared on LEGO.com. It was quickly removed, and the issue has been resolved. No user accounts have been compromised, and customers can continue shopping as usual. The cause has been identified, and we are implementing measures to prevent this from happening again.”

Despite the company’s swift action, the incident raises questions about website security and how even well-established brands can fall victim to cyberattacks. With more businesses moving online and handling sensitive customer information, the pressure to maintain robust security measures is higher than ever. Lego has reassured its customers that their information is safe, but it is yet to be seen what changes the company will make to fortify its digital defences.

In the meantime, site visitors can shop confidently, knowing the breach has been addressed and no personal data was affected.