Senators in Paraguay passed a bill on taxes and regulations in the cryptocurrency sector. The bill targets firms offering crypto trading services and those operating in the crypto mining sector.
The crypto framework in Paraguay has been under consideration by lawmakers over the past year. The lawmakers are focusing on establishing a framework that includes businesses and protections for traders.
The recently passed bill was tabled last year by Senator Fernando Silva Facetti. Before coming to the Senate, Congress had approved this bill in May. The bill is comprehensive and focuses on many areas in the crypto sector.
One of the provisions is the launch of the Ministry of Industry and Commerce (MIC). This ministry will have the primary task of regulating businesses offering crypto services. The passing of this bill in the Senate brings it closer to being signed into law by the President of Paraguay, Mario Abdo Benitez.
In May, the Paraguayan Congress issued a notice that the bill targets cryptocurrency mining, exchange, transfer, custody, and a wide range of services associated with cryptocurrencies.
