Paraguayan Senate Passes A Crypto Bill

18.07.2022 13:06
by Maksym Prykhodko
1 min read

The Senate in Paraguay has passed a bill detailing the tax and regulatory measures for the crypto industry in Paraguay. If the bill is ratified by president Mario Abdo Benítez, Paraguay will become one of the first Latin American countries that has a crypto legal framework in place.

The bill will regulate crypto mining, trading, administration, and other aspects of the crypto industry. According to the bill, crypto companies will be taxed in the same way as companies dealing with securities. They will be exempt from having to pay a value-added tax (VAT), but they will need to pay income tax.

Reportedly, crypto miners will be obligated to report the amount of their energy consumption. Their electricity can be cut-off if the miners spend more energy than what they’ve reported.

However, some Paraguayan senators were unhappy with the bill’s passing. Enrique Bacchetta and Esperanza Martinez cite the lack of enough new job openings in crypto, especially when considering the greatly rising consumption of energy, as the reason for the dissatisfaction.

 

Author

  • Maksym has denied the existence of crypto as an asset for 3 years when he was working with standard financial instruments. Became Head of Treasury. Won the best bank employee award and left the bank for cryptocurrency exchange the next day. Got a second university degree, but that didn’t stop him from studying finance yet. Combines fiat and crypto experience to be as objective as possible in general matters. His dream is to be interviewed by Bloomberg.

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