June 17, 2024

Paraguay plans to introduce cryptocurrency regulation

According to the head of the Secretariat for the Prevention of Money Laundering and Assets of Paraguay, Cristian Villanueva(Christian Villanueva), the country's cryptocurrency companies must disclose transaction information.

Paraguay expected to introduce regulationcryptocurrency companies already in the first half of next year. The bill will be brought into line with the recommendations of the International Financial Action Task Force (FATF), presented in June this year.

“According to the data received, will be determinedthe degree of adoption of cryptocurrencies, as well as the complexity and size of the virtual asset market in the country. This is necessary to introduce adequate regulatory measures and reduce the risks of using cryptocurrencies for illegal operations, ”said Villanueva.

According to a local cryptocurrency enthusiastStan Canova, banks of Paraguay often refuse to open accounts for cryptocurrency and mining companies due to the fact that this industry is not regulated, which means it represents a certain risk.

Last November, Paraguay announcedjointly with the South Korean company Commons Foundation in the construction of the world's largest mining center. It was previously reported that the country plans to legalize the cryptocurrency and mining industry.