Paraguay to exercise licensing regime for crypto companies

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The government wishes first of all to establish legal security for the production as well as the marketing of virtual assets. The government intends to introduce a strong regulatory system including a simple licensing regime. The proposal also calls on the Paraguayan Ministry of Industry and Commerce to oversee the licensing regime.

Paraguay has finally revealed details of new national cryptocurrency legislation as it plans to join the emergency cryptocurrency race in Latin America. Senator Fernando Silva Facetti and Congressman Carlos Rejala have already submitted the updated version of the Bitcoin bill to the National Congress of Paraguay. Apparently, the hype is Paraguay becoming the second country after El Salvador to declare bitcoin as legal tender.

However, the Paraguayan government legalizing bitcoin as a form of currency is still highly unlikely. It seems that the government wants to first establish legal certainty for the production as well as the marketing of virtual assets.

Paraguay plans to regulate both mining and crypto trading

– Publicity –

In accordance with the all new proposed legislation, the government intends to introduce a strong regulatory system which includes a simple licensing regime. This will make it easier for cryptocurrency companies to carry out their operations in Paraguay.

Behind this lies the government’s intention to attract high-tech crypto-related companies with enhanced innovation to their country. The bill focuses specifically on taxation and requires all crypto companies to be registered with its Undersecretariat for State Taxation. Clearly, the government plans to regulate both mining and crypto trading in the country.

Licensing regime is mandatory for all crypto companies in Paraguay

The proposal also calls on the Paraguayan Ministry of Industry and Commerce to oversee the licensing regime, as it has a considerable number of ministers as well as support to carry out the registrations, supervision and trade controls of the companies. cryptography.

In addition, the bill requires regulatory data from the National Securities Commission, the Secretariat for the Prevention of Money Laundering and the National Electricity Administration.

The new licensing regime will apply to all crypto mining operations, exchanges, cryptocurrency projects, traders and other businesses such as digital asset custody services in Paraguay.

Aside from the new regulations, it is obvious that Paraguay was inspired by El Salvador. Congressman Rejala tweeted earlier that it is high time for Paraguay to keep up with new technologies.

Rejala leads the week by announcing a very important project to innovate Paraguay in front of the world. Rejala added a laser to his profile picture, as did President of El Salvador Bukele to expose his optimistic views on Bitcoin.

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