Paraguay Approves Bill to Regulate Crypto Industry
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July 18, 2022

Paraguay's Senate has just approved a bill establishing a regulatory framework for the cryptocurrency sector.

The amended document was approved in the lower house of the country's parliament at the end of May. The main change is the emergence of a supervisory body, which, according to the bill, will be the Ministry of Industry and Commerce (MIC).

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According to the document, the MIC will be responsible for licensing cryptocurrency miners, among other things. In addition, a registry of individuals and legal entities providing digital asset trading and storage services to third parties will be created.

Regulators that will deal with regulatory compliance include the Secretariat for the Prevention of Money Laundering, the National Securities Commission and the National Energy Administration.

The bill has been sent to Paraguay's President Mario Abdo Benítez.

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