The Senate of Paraguay has finally approved one bill that aims to regulate the operation of the cryptocurrency industry within the country. This bill has already found its way to the chamber of the deputy. There, it was approved and certain changes were also recommended. This bill served to set clear definitions when it comes to companies established in the sector of cryptocurrency as well as crypto mining.
The Cryptocurrency Bill Hae Passed Discussion In The Senate
Latam countries are trying to both regulate as well as standardize cryptocurrency. This is in order to provide greater clarity to those investing in the industry. On the 14th of July, the senate of Paraguay approved a bill related to cryptocurrency. This bill defines various rules that both companies as well as individuals will need to follow, if they want to deal with cryptocurrency in the country.
This is a bill that was introduced by Fernanfo Silva Facetti, a senator, among others, last year. It was them amended in the chamber of deputies, where certain changes were also proposed. According to the bill, it was the Ministry of Industry as well as Commerce that was tasked with regulating services related to cryptocurrencies.
The bill also works to define what crypto miners and their companies will need to do. They will need to provide a plan for power consumption to the administration for national power. The administration could end up cutting power to crypto mining companies unless they follow regulations. As far as tax in concerned, companies in the crypto space are exempted from paying VAT, but they will need to pay their income taxes.