Paraguay’s Senate Approves Proposal To Regulate Crypto Trading

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Paraguay’s senate has passed a bill on Thursday that regulates the mining and trading of cryptocurrencies.

The bill will be discussed Futher by Paraguay Chamber of Deputies in 2022, as confirmed on Twitter by Paraguayan Sen. Fernando Silva Facetti, one of the three authors of the measure.

Miners – either individuals or companies – will need to request authorization for industrial electricity consumption and then apply for a license, the bill notes.

As seen in the bill, Paraguay’s Industry and Commerce Secretariat will be able to supervise crypto mining within the country, with regulations from the country’s National Securities Commission, Anti-Money Laundering Office and National Electricity Administration also regulating the activity.

Although the concept of exchange is not included, the bill also proposes a registry for any individual or legal entity seeking to provide crypto trading or custody services for third parties.

According to the bill, Paraguay consumes only a third of its energy producted and, if regulated, crypto mining activity could reach “the electricity consumption of thousands of megawatts that Paraguay currently has as surplus.

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