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Paraguay Senate approved bill to regulate the mining and commercialization of cryptocurrencies

The Senate of Paraguay, the main legislative entity of the South American country, approved this week a bill that regulates the mining and commercialization of cryptocurrencies at the local level.

Paraguay Senate approved bill to regulate the mining and commercialization of cryptocurrencies

Paraguay Senate approved bill to regulate the mining and commercialization of cryptocurrencies

This was confirmed through a message thread by the Paraguayan senator and co-author of the bill, Fernando Silva Facetti, who shared the following:

“… After an intense debate, the Senate @SenadoresPy approved today a new bill that regulates the industry and commercialization of #crypto assets #Bitcoin # Paraguay… This new legislation aims to recognize the mining of virtual assets as an industry, stabilizing the land to guarantee access to electricity, and the requirements to ensure the formalization of this expanding sector … With respect to transactions with crypto assets, the National Securities Commission will establish the requirements at the registration level for agents of negotiation, clearing, custody and intermediation in the stock market ”.

However, this only involves the first part of the way, since Silva indicated that next year, deputy Carlos Rejala will be the one who will lead the debate on said project, just waiting for it to be considered by both the public and private sectors, readjusting precisely to guarantee the best conditions for all those involved.

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… .And now the Chamber of Deputies @DiputadosPy @carlitosrejala will next year debate this project, where we hope the proposal will be thoroughly analyzed with the public and private sector, improving it if necessary, for its effective approval.

– FernandoSilvaFacetti (@FSilvaFacetti) December 17, 2021

According to critics and analysts, the approval of this bill has great implications for the crypto sector at the local level, precisely because it establishes clear rules so that participants from industries such as mining companies can legally access electricity supply, in addition to requesting licenses to guarantee their operations.

The latter is especially attractive precisely because of the low cost of electricity in the South American country, which could be very attractive for companies that wish to establish their operations in search of better conditions.

Regarding the cryptocurrency trade, although it is not an aspect that is precisely defined, the bill proposes a registry for people and/or entities that wish to offer this type of services, also including the custody of digital currencies within said provisions.

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