{"id":475132,"date":"2022-07-18T05:29:15","date_gmt":"2022-07-18T02:29:15","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/paraguays-crypto-framework-one-step-away-from-becoming-law\/"},"modified":"2022-07-18T05:29:15","modified_gmt":"2022-07-18T02:29:15","slug":"paraguays-crypto-framework-one-step-away-from-becoming-law","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/paraguays-crypto-framework-one-step-away-from-becoming-law\/","title":{"rendered":"# Paraguay\u2019s crypto framework one step away from becoming law"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2571c251174\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2571c251174\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/paraguays-crypto-framework-one-step-away-from-becoming-law\/#%E2%80%9D_Paraguays_crypto_framework_one_step_away_from_becoming_law_%E2%80%9C\" >&#8221; Paraguay\u2019s crypto framework one step away from becoming law &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Paraguays_crypto_framework_one_step_away_from_becoming_law_%E2%80%9C\"><\/span>&#8221; Paraguay\u2019s crypto framework one step away from becoming law &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNDQ5NTI3NDUtY2I0Yi00MjRhLWFmOGItNGY4NTEzMjk3OGU3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>The Paraguayan Senate passed a bill on July 14 establishing a tax and regulatory framework for businesses operating in the cryptocurrency and the crypto mining sectors.<\/p>\n<p>The bill, introduced last July by Senator Fernando Silva Facetti and passed in Congress in May before reaching the Senate, calls for the formation of the Ministry of Industry and Commerce (MIC) to oversee crypto industry service providers. The bill is now one step away from being ratified as law by President Mario Abdo Ben\u00edtez.<\/p>\n<p>A <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/www.diputados.gov.py\/index.php\/noticias\/aprueban-con-modificaciones-proyecto-que-regula-la-industria-y-comercializacion-de-criptoactivos\">notice<\/a> from Congress in May stated that the bill pertains specifically to crypto mining, commercialization, inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tion, exchange, transfer, custody, and\/or administration of crypto assets or instruments that allow control over crypto assets.<\/p>\n<p>Local <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> outlet ABC <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.abc.com.py\/economia\/2022\/07\/14\/senado-sanciona-ley-que-regula-criptoactivos\/\">reported<\/a> on July 14 that companies that operate in the crypto industry would be treated the same as those dealing with securities for tax purposes. As a result, they will be exempted by the Undersecretary of State for Taxation from paying a Value Added Tax (VAT) but will be included in the income tax regime.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">PARAGUAY: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> and crypto companies exempt from paying VAT in newly <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roved bill.<\/p>\n<p>\u2014 Bitcoin Archive  (@BTC_Archive) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/BTC_Archive\/status\/1548299638276382727?ref_src=twsrc%5Etfw\">July 16, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nThe bill reportedly considers how crypto miners should interact with local power suppliers. Prospective mining operations will be required to report their energy consumption schedule to the National Electricity Administration (ANDE), Paraguay\u2019s national electricity regime. If miners are found to be consuming more electricity than planned, ANDE may cut off their electricity supply.<\/p>\n<p>While the bill stipulates that energy costs for miners will be subsidized, they will pay a rate 15% higher than other industries. <\/p>\n<p>According to reports, Senator Facetti said that modifications made to the bill over the last year \u201cimproved the original project.\u201d <\/p>\n<p>Detractors to the bill, such as Senator Enrique Bacchetta, reportedly stated that while regulating the crypto industry would lead to greater profits, he questioned whether it would actually create jobs for his fellow citizens. Senator Esperanza Martinez seconded Senator Baccetta\u2019s concerns, claiming that the energy consumption rate from miners far outpaces the number of jobs they would create.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>USD stablecoin premiums surge in Argentina following economy minister\u2019s resignation<\/em><\/strong><\/p>\n<p>This makes Paraguay the latest LATAM nation to take a leap forward in crypto adoption and regulation. El Salvador adopted Bitcoin (BTC) as legal currency in 2021, and the governments of Brazil, Argentina, and Panama are all working on their own crypto legislation.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/paraguay-s-crypto-framework-one-step-away-from-becoming-law\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Paraguay\u2019s crypto framework one step away from becoming law &#8220; The Paraguayan Senate passed a bill on July 14 establishing a tax and regulatory framework for businesses operating in the cryptocurrency and the crypto mining sectors. The bill, introduced last July by Senator Fernando Silva Facetti and passed in Congress in May before reaching&#8230;<\/p>\n","protected":false},"author":1,"featured_media":475133,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNDQ5NTI3NDUtY2I0Yi00MjRhLWFmOGItNGY4NTEzMjk3OGU3LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[131461,75042,79490,74355,70934],"class_list":["post-475132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-latamex","tag-mining","tag-south-america","tag-adoption","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=475132"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/475132\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/475133"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=475132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=475132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=475132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}