The Senate of Paraguay (Upper House) announces approval of the Chamber of Deputies’ Cryptocurrency Regulation Bill (the Bill) on July 15.
The Bill “that regulates the mining, commercialization, intermediation, exchange, transfer, custody, and administration of crypto assets or instruments that allow control over crypto assets” is now pending for approval or rejection from the Paraguayan executive branch.
Leading the commencement of the Senate’s ordinary session, the Paraguayan Legislation Commission spokesman, Fernando Silva Facetti, shared a tweet.
The respective administrative authorizations granted to various government entities are as follows:
- The National Electricity Administration as the energy supply enabler.
- The Secretariat for the Prevention of Money or Asset Laundering as the crypto companies’ investment process supervisor.
- The National Securities Commission as the incharge of assets’ commercialization.
Also read: Kazakhstan’s Crypto Mining Tax Increase Signed Into Law
After already receiving a Senate approval in December, the Bill was modified by the Chamber of Deputies in May. Hence awaiting an upper chamber approval, yet again.
The Chamber of Deputies proposed an alteration, which subsequently got approved by the Senate, designating the Ministry of Industry and Commerce (MIC) as the law enforcement authority.
The law requires mining entities or persons to seek industrial electricity consumption authorization first, and then apply for the license.
Per article 5 of the Bill, the MIC is empowered to penalize individuals and legal entities undertaking mining or cryptocurrency activities without due authorization.
The law requires maintaining individual or legal entities’ registry if they are willing to offer third-party crypto trading or custody services.
