{"id":10745,"date":"2021-08-10T09:54:13","date_gmt":"2021-08-10T09:54:13","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/uganda-blockchain-association-endorses-calls-for-the-creation-of-crypto-regulatory-framework\/"},"modified":"2021-08-10T09:54:13","modified_gmt":"2021-08-10T09:54:13","slug":"uganda-blockchain-association-endorses-calls-for-the-creation-of-crypto-regulatory-framework","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/uganda-blockchain-association-endorses-calls-for-the-creation-of-crypto-regulatory-framework\/","title":{"rendered":"Uganda Blockchain Association Endorses Calls for the Creation of Crypto Regulatory Framework"},"content":{"rendered":"<p><strong>Uganda\u2019s 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 \u201cwill create investor confidence and boost participation by innovators.\u201d<\/strong><\/p>\n<h2>Uganda\u2019s FIA Calls for Crypto Framework<\/h2>\n<p>The remarks by BAU\u2019s Murunga come just a few months after the country\u2019s Financial Intelligence Authority (FIA) told the country\u2019s Ministry of Finance to look into the possibility of regulating cryptocurrency.<\/p>\n<p>As previously <a href=\"https:\/\/news.bitcoin.com\/ugandas-financial-intelligence-authority-wants-government-to-formulate-a-crypto-regulatory-framework\/\">reported<\/a> 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\u2019s compliance with the voluntary registration policy to bolster its own ability to \u201cprotect users and the larger economy\u201d from the possible misuse of cryptocurrencies.<\/p>\n<h2>Central Bank Prioritizing Implementation of Payment Service Provider Guidelines<\/h2>\n<p>Meanwhile, Murunga tells Bitcoin.com News that while Ugandan authorities have seemingly acknowledged the FIA\u2019s call, there has not been any notable movement on this front just yet. He explained:<\/p>\n<p>\u201c[The] Bank of Uganda is still focused on the implementation of the payment service provider [PSP] guidelines and can\u2019t be bothered with crypto at the moment.\u201d<\/p>\n<p><!-- growjs zone placement 31 -->    <!-- end of growjs zone placement --> <\/p>\n<p>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 <a href=\"https:\/\/www.monitor.co.ug\/uganda\/business\/finance\/mobile-money-separated-from-telecom-operations-3412018\">report<\/a> in Ugandan media which suggested that the central bank had taken over the regulation of mobile money service providers.<\/p>\n<p>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.<\/p>\n<p><em><strong>Do you agree with the Blockchain Association of Uganda\u2019s endorsement of a call to regulate cryptos? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nRegulation, Bank of Uganda, Blockchain, Blockchain Association of Uganda, crypto regulatory framework, Financial Intelligence Authority, payment service providers, Suleiman Murunga<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Uganda\u2019s 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 \u201cwill create investor confidence and boost participation by innovators.\u201d Uganda\u2019s FIA Calls for Crypto Framework The remarks by BAU\u2019s&hellip;<\/p>\n","protected":false},"author":0,"featured_media":10746,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10745"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10745"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10745\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10746"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10745"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10745"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10745"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}