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Paraguayan Senate Adopts Bill Regulating Bitcoin Trading and Mining

Paraguay’s Chamber of Senators passed a bill on Thursday aimed at regulating and commercializing crypto trading and mining activities in the country.

Paraguay’s Senate approves crypto law

Senator Fernando Silva Facetti, one of three senators who support the law, confirmed the approval on Twitter and said the bill will now be discussed by the Paraguayan Chamber of Deputies next year.

(1/3) Today, after an intense debate, the Senate @SenadoresPy today approved a new bill regulating the industry and commercialization of #crypto-assets #Bitcoin #Paraguay according to … (open threat).

– FernandoSilvaFacetti (@FSilvaFacetti) December 17, 2021

According to Facetti, the bill, which has been intensely debated by the Senate, aims to “regulate the industry and commercialization of crypto assets like Bitcoin in Paraguay”.

Crypto mining is set to become an industry

Crypto law focuses on two main areas of the industry – cryptocurrency transactions and mining activities.

The Senator noted that the legislation will recognize crypto mining as an industry while also laying down modalities that will ensure miners have constant access to energy to run their operations as the country currently has surplus electricity.

However, miners need a permit for the consumption of industrial electricity as well as an operating permit, regardless of whether they work as a private person or as a trader.

When the bill goes into effect, the Industry and Trade Secretariat, along with the country’s National Securities Commission, Anti-Money Laundering Bureau, and National Electricity Administration, will be responsible for regulating the crypto mining industry.

Regarding transactions in cryptocurrencies, the bill did not specifically state how the exchange of crypto would work, but Facetti said that “the National Securities Commission will establish registration requirements for intervening agents for negotiation, compensation, custody and brokerage in the securities market” .

This means that any individual or company wishing to offer crypto trading or related services must submit a permit to the commission.

Become a crypto-friendly country

Meanwhile, while Paraguay continues to take actionable steps to regulate cryptocurrencies, Carlos Antonio Rejala, a Paraguayan lawmaker and one of the sponsors of the bill, has made it clear that the country does not intend to make Bitcoin legal tender like El Salvador.

Instead, it aims to become a crypto-friendly country and global crypto hub by enacting regulations that allow Paraguayans or foreigners to legally use or own digital assets.

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