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The Paraguayan Senate has approved a bill seeking to regulate cryptocurrency and its operations in the country.
The bill, which has been submitted to deputies, was approved with several suggested changes, establishing clear definitions and tax exemptions for companies in the crypto mining and cryptocurrency sector.
Countries in Latin America are trying to standardize and regulate cryptocurrencies to bring more clarity to investors dedicated to the industry in the area.
On July 14, Paraguay’s senate gave the green light to a cryptocurrency bill that defines several rules that companies and individuals must follow to operate with cryptocurrencies.
The bill, introduced by Senator Fernando Silva Facetti and others last year, was amended by deputies, who proposed several changes that were seen as improvements to Facetti’s statement.
The bill establishes the country’s Ministry of Industry and Trade as an agency with the task of regulating cryptocurrency-related services.
In the same way, the bill defines that crypto mining companies must present power consumption plans to the national electricity administration, which will be able to cut off electricity to these companies if they don’t follow through.
Also, payment for electrical services will be made in advance.
In the tax area, cryptocurrency companies will be exempt from paying value added tax but will have to pay income tax.
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▶ Coinbase Website: Coinbase.com
▶ CEX Website: cex.io
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