Draft law for cryptocurrencies goes to the Chamber of Deputies in Paraguay Regulation

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Paraguay

A cryptocurrency law presented to the Senate of Paraguay in July was approved. The text that defines several important concepts, including virtual assets and defines the need for licenses for mining cryptocurrencies, is now presented by the deputy chamber for discussion.

Paraguay could approve the crypto law by next year

A new cryptocurrency law has taken its first step towards adopting as a law in Paraguay. The project presented in July was that the law aimed at:

... recognize the mining of virtual assets as industry, [and] creates the basis for ensuring access to energy and requirements that ensure the formalization of an expanding sector.

In its main part, the legal text contains the definition of virtual assets, tokens, cryptocurrency mining and virtual asset service providers (vasps). In addition, the authority of the Ministry of Industry and Commerce, which is supported by other organizations of the state in the application of the law.

Addressing mining and virtual asset service provider

The draft law clearly recognizes the mining of cryptocurrencies as legal activity and expressly emphasizes:

Virtual Asset Mining is a digital and innovative industry. This industry will benefit from all incentive mechanisms that are intended in national legislation.

Paraguay should produce more than five times as much energy as it consumes. For this reason, it is currently by several companies until the end of the establishment of cryptocurrency-mining operations there. The new bill aims to further clarify this area for interested parties by determining the use of licenses that are only approved by the Ministry of Industry and Trade after receiving the approval for industrial electricity consumption, which is issued by the National Electricity Administration.

The draft law also stipulates that companies and individuals have to receive a license for trade or custody for cryptocurrencies for third parties. This with the aim of complying with the KYC-AML TF measures.

Facetti The law is to be checked by the deputy chamber next year. Private companies are discussed to improve it if necessary.

What do you think of the new cryptocurrency law approved by the Senate in Paraguay? Let us know in the comment area below.

sergio@bitcoin.com '

sergio goschenko

sergio is a cryptocurrency journalist based in Venezuela. He described himself as late at the game and entered the cryptosphere when the price increase took place in December 2017. With a background in computer technology that lives in Venezuela and is affected by the cryptocurrency boom at the social level, it offers a different view of the crypto success and how it helps the non-banks and under-sector.

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