all about cryptop referances
The Paraguayan Senate has approved a bill that seeks to regulate cryptocurrencies and their activities in the country. The bill, which had already been submitted to the Chamber of Deputies, was approved with some proposed changes, and established clear definitions and tax exemptions for companies in the cryptocurrency and crypto-mining sector.
Countries in Latam seek to standardize and regulate cryptocurrencies to bring more clarity to investors dedicated to the industry in the area. On July 14, the Paraguayan Senate gave the green light for a bill on cryptocurrency that defines several rules that companies and individuals must follow in order to operate with cryptocurrency.
The bill, which was presented by Senator Fernando Silva Facetti and others last year, was amended by the House of Representatives, which proposed some changes that were considered an improvement according to Facetti’s statements. The bill established the country’s Ministry of Industry and Trade as the institution with the task of regulating cryptocurrency-related services.
In the same way, the bill defines that crypto mining companies must present a power consumption plan to the national power administration, which will be able to cut the power to these companies if they do not follow it. In addition, payment for the power services will be made in advance.
In the tax area, cryptocurrency companies will be exempt from paying VAT, but will have to pay income tax.
The cryptocurrency bill was approved by the Senate, and it will now be in the hands of Mario Abdo Benítez, the country’s president, who will have the choice of sanctioning it or vetoing the document. However, some lawmakers expressed displeasure with the passage of the law in its current form, with some calling for a presidential veto.
Esperanza Martínez, another senator, criticized the initiative for the cryptocurrency bill, stating that cryptocurrency was not even a real industry. Furthermore, Martinez stated that the industry was “electro-intensive and extractivist,” explaining that it consumed a lot of resources for the few jobs it offered.
Enrique Bacchetta, another senator, also supported Martinez’s views, calling for a presidential veto against the law. If a veto is imposed, this cryptocurrency account will not be the first to experience this in Latam. Panamanian President Laurentino Cortizo also partially vetoed a cryptocurrency law over concerns about cryptocurrency laundering problems in June.
What do you think about the cryptocurrency bill approved by the Paraguayan Senate? Tell us in the comments section below.
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