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  • Writer's pictureCreimerman Product Team

Paraguay: new government regulations for cryptocurrency mining have arrived.

bitcoin, paraguay, regulation

Well, when we thought that Paraguay was a little more quiet with crypto, a surprise came on the hand with deputies.

We saw and informed you about the benefits of this new cradle of crypto called Paraguay, a country where its excess of energy has the potential to make a difference with other countries.

But now, deputies made an important decision on cryptocurrencies and the future of the country on this topic.

Before introducing you to all the information related to Paraguay and deputies theme, if you are considering investment or business development options, contact us!. Our specialized team can help you with all your concerns. Click here.

What is all this about?

The proposal seeks to regulate the activities of mining, commercialization, exchange, intermediation, custody and/or administration of crypto assets or instruments

As explained by the legislators, the eventual law will be mandatory for any natural or legal person domiciled in Paraguay, who is dedicated to the activities of mining, commercialization, intermediation, exchange, transfer, production, custody and/or administration of crypto assets or instruments. that allows control over them.

What does this initiative say?

The initiative establishes that the application authority will be within the scope of the Ministry of Industry and Commerce (MIC), which will coordinate the registration, supervision and control activities together with the National Securities Commission; the Secretariat for the Prevention of Money Laundering (Seprelad); the National Electricity Administration (ANDE), and the Ministry of Finance.

Also, the BCP in its submitted report realizes that the project does not fulfill basic money functions and constitutes high-risk investments, which can generate "a false sense of security in relation to asset ownership."

So, if you are interested in finding out more about Paraguay and this booming business for the future, contact us today! Below this article you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.

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