Paraguay Senate Approves Cryptocurrency Regulation, Awaits President’s Signature
- However, the Paraguay Cryptocurrency bill is subject to the ratification of the President. Therefore, the passage doesn’t amount to full adoption, the President could either approve or trash the bill.
Reports emanating from Paraguay indicate that the Senate has approved the proposed cryptocurrency bill before it. As reported, the Senate has approved the bill which regulates every cryptocurrency activity such as trading and mining.
However, the Cryptocurrency bill is subject to the ratification of the President. Therefore, the passage doesn’t amount to full adoption, the President could either approve or trash the bill.
Paraguay on Cryptocurrency Regulations
Recall that this is the second time the bill will pass through the Senate. Late last year, the Senate ratified the bill and extended It to the chamber of Deputies. On getting there, the chamber approved the bill, though, with some adjustments. Therefore, returning it to the Senate for further examination around May.
In this recent development, the bill has been approved by the Senate for the second time. However, there are some notable changes inflicted on the bill by the Chamber of Deputies.
One of the changes includes the recognition of the Ministry of Industry and Commerce as the main regulator. Consequently, empowering the ministry to punish cryptocurrency firms and mining setups operating without registration.
Going by this, the ministry reserves the authority to administer operational permits to firms. Notably, the new changes powered the National Electricity Administration to provide power for mining operations. Thus, leaving the commission to watch over the mining sector and regularize power consumption.
Additionally, the new adjustment also empowered the Secretariat in the prevention of Money or Asset laundering. As stated therein, the setup will oversee the funding and investment process in the cryptocurrency Industry.
Meanwhile, The National Securities Commission will manage the process of commercializing acquired virtual assets. According to the bill, Individual and institutional miners must apply for industrial electricity consumption certification. Likewise, there’s a registry for persons or firms that intends to establish crypto exchanges or custody services for third parties.
Across the South American continent, Paraguay’s counterpart, Panama is struggling with its crypto bill. Recently, the country endured a setback in the adoption of its cryptocurrency bill.
As reported, the President of Paraguay, Laurentino Cortizo refused to sign the bill. Then, the President made it known that the bill doesn’t fully attend to issues emanating from the industry. He divulged that his stand will remain until the bill properly addresses every pressing issue.
Nonetheless, President Cortizo disclosed that he might reconsider the bill after seeking advice from his lawyers. Nonetheless, He indicated that there’s a possibility he approves a part of it while dislodging others.
At the moment, there’s no indication about a redress by the president. It’s unknown whether Paraguay might suffer similar faith or tread a different path.