The Paraguayan Senate has passed yet another law regulating the mining and trading of cryptocurrencies in the country. The Senate had previously approved the bill in December, but the Chamber of Deputies amended and approved it in May this year. Consequently, it was referred back to the House of Lords for approval. Following approval by both chambers, the measure must now be forwarded to the executive branch for approval or veto.
According to the main amendment proposed by the Chamber of Deputies and approved by the Senate, the primary law enforcement agency will be the Ministry of Industry and Commerce, which will penalize anyone or any legal entity using cryptocurrency for mining or other services without the required authorization.
The National Electricity Administration will be in charge of ensuring electricity supply, while the Secretariat for the Prevention of Money or Asset Laundering will oversee the whole investment process undertaken by crypto firms. The National Securities Commission will be in charge of commercializing the assets gained.
According to the law, individual and corporate miners must obtain authorization for industrial power usage before applying for a license. It also establishes a registry for any individual or legal organization that provides third-party crypto trading or custody services.
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools”
