uruguay

According to Elobservador, Tether Holdings Ltd. has confirmed to the Ministry of Labor and Social Security of Uruguay (MTSS) that it will cease operations in Uruguay and lay off 30 out of 38 employees. Since entering Uruguay, Tether has planned to invest $500 million, including building three data processing centers in Florida and Tacuarembó, which are expected to consume 165 megawatts of power; it also plans to construct a wind and solar power generation park with a capacity of 300 megawatts. Of the total investment, over $100 million has been secured, with an additional $50 million allocated for infrastructure development, which will be owned by the Uruguayan Electric Company (UTE) and the national interconnected system.The company warned that under current conditions, the continuation of the project is economically unfeasible. The 31.5 kV transmission contract model adopted in Florida and the increased costs have raised operational expenses, although Tether has repeatedly requested more competitive electricity pricing since November 2023. In the proposed alternative, the company suggested switching to a 150 kV transmission fee and modifying the electricity procurement contract, which could bring economic benefits to the Uruguayan Electric Company and avoid unnecessary projects.

According to GlobeNewswire, cryptocurrency platform Exodus Movement, Inc. (NYSE American: EXOD) announced today the acquisition of Uruguayan payment facilitator Grateful. This acquisition aims to enhance Exodus's merchant service capabilities in Latin America, particularly for stablecoin-based payment solutions.Grateful specializes in providing digital payment services for small businesses and freelancers, featuring low fees, instant access to funds, and balance yield capabilities. The company offers a complete suite of merchant tools, including a merchant dashboard, wallet-to-wallet payments, and QR code-based point-of-sale functionality.Exodus plans to seamlessly integrate Grateful's technology into its existing multi-chain wallet, supporting major blockchains such as Polygon, Optimism, Base, Arbitrum, and Solana. Exodus will hold a earnings call today at 8:30 AM Eastern Time, during which it will discuss the acquisition in detail.

ChainCatcher news, according to Bitcoin.com, after more than two years of discussion, Uruguay has enacted a cryptocurrency law. The law was proposed two years ago, recognizing cryptocurrency as a virtual asset in the country and establishing the Central Bank of Uruguay as the regulator and supervisor for companies seeking to provide cryptocurrency services. This law positions Uruguay at the forefront of Latin American countries that have incorporated cryptocurrency into their regulatory framework.The Central Bank of Uruguay will regulate Virtual Asset Service Providers (VASP) and must issue operating licenses for such organizations. The issuance of these licenses will consider "legitimacy, opportunity, and convenience." Similarly, the Financial Services Regulatory Authority (SSF) must identify exchanges, wallets, and even miners that fall under the VASP category.The law amends existing anti-money laundering and counter-terrorism financing regulations, bringing virtual assets under the control and supervision of existing enforcement agencies. Additionally, the law reforms securities regulations by introducing the concept of decentralized securities, which are "issued, stored, transferred, and traded electronically through distributed ledger technology."

ChainCatcher news, USDT issuer Tether announced that it is collaborating with a licensed company in Uruguay to invest in energy production and launch a sustainable Bitcoin mining operation. Tether has expanded its business scope from finance and communication to the energy sector, investing in renewable energy to support and promote sustainable Bitcoin mining. (source link)

ChainCatcher news, according to The Block, Uruguayan payment giant DLocal reported in its third-quarter earnings report that its exposure to FTX is $5.6 million.The company stated: "We do not have any partnerships with other cryptocurrency exchanges, and our exposure to the cryptocurrency ecosystem is minimal, as in the third quarter of 2022, payments processed for cryptocurrency exchanges accounted for less than 0.3% of our TPV (Total Payment Volume)." (source link)