Paraguay Approves Bill to Regulate Cryptocurrencies

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Paraguay’s senate approved last December 17, 2021 a bill on cryptos that was originally presented in July.

Now, the document will be forwarded to the country’s chamber of deputies for discussion. Among others, the bill defines several key terms, including virtual assets, and requires licenses to mine cryptocurrencies.

Senator Fernando Silva Facetti, who has pushed the bill, has said the bill has been approved in the senate after a heated discussion.

According to him, the bill also aims to encourage the growth of cryptocurrency mining activities through the use of surplus electricity generated in the country.

The bill includes a definition of virtual assets, tokens, cryptocurrency mining and VASPs (virtual asset service providers). It also gives the country’s Ministry of Industry and Commerce authority to request assistance from government agencies outside its boundaries to enforce the law.

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