Paraguay’s Senate approves bill regulating cryptocurrency mining and trading

The Paraguayan Senate has approved a bill establishing the regulatory framework for the cryptocurrency industry.

Sancionan normativa que regula la comercialización de criptoactivoshttps://t.co/fP7fkLKbXh#SenadoPy pic.twitter.com/lA5YT9vbVE

— SenadoPy (@SenadoresPy) July 15, 2022

In late May, the document with amendments was approved by the country’s lower house of Parliament. The main change is the creation of a supervisory body. According to the bill, it will be the Ministry of Industry and Commerce (MIC).

MIC’s powers will include licensing miners. A registry of individuals and legal entities providing trading and custody services for digital assets to third parties is planned.

Regulators include the Secretariat for the Prevention of Money Laundering, the National Securities Commission, and the National Energy Administration.

The bill has been sent to Paraguay’s President Mario Abdo Benítez for consideration.

In June 2021, Congressman Carlos Rejala announced a bill related to Bitcoin.

Later he clarified that Paraguay does not plan to grant digital gold the status of legal tender, and intends to develop ‘effective’ regulation of cryptocurrencies.

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