Paraguay Senate approves bill to regulate crypto trading and mining

According to reports, the Paraguayan Senate passed a bill last Thursday that would regulate and commercialize crypto trading and mining activities. The bill is now awaiting deliberation by the Paraguayan House of Representatives next year. The bill will recognize encrypted mining as an industry and establish some models to ensure that miners can continue to obtain energy in their operations because the country currently has a surplus of electricity but must obtain approval for industrial power consumption and operating permits. If the bill becomes law, the Secretariat of Industry and Commerce will oversee the crypto mining industry together with the National Securities Commission, Anti-Money Laundering Office, and the State Power Administration. As for trading with cryptocurrency, the bill does not clearly state how the crypto exchange will work, but the National Securities Commission will establish registration requirements for agents participating in securities market negotiations, compensation, custody, and intermediary.