The Senate of Paraguay has passed a bill on Thursday that aims to regulate cryptocurrency mining and trading in the country.

Bill Seeks To Regulate Crypto Trading

On Thursday, the Senate of Paraguay enacted a law aimed at regulating Bitcoin and cryptocurrency trading and mining in the country. Senator Fernando Silva Facetti, the bill co-author, said on Twitter that the bill will now be debated in Paraguay’s Chamber of Deputies in 2022.

In Paraguay, the bill does not make bitcoin legal tender. During a conversation with Paraguayan Congressman Carlitos Rejala in July, an exclusive peek at the draft bill was released. The bill hinted at stronger regulatory oversights from the country’s regulators when it came to bitcoin mining, as well as an overarching purpose of providing investor safeguards from enterprises that offer bitcoin services.

Rejala said at the time,

“With this we want to welcome the innovation of cryptocurrencies in Paraguay to the world. This is the result of a very strong and arduous teamwork of many experts in the field, both local and foreign.”

According to the bill, the Industry and Commerce Secretariat will be in charge of overseeing crypto mining in the country, with the support of the Anti-Money Laundering Office and the National Securities Commission. Meanwhile, the National Electricity Administration will be involved in the activity’s regulation.

Meanwhile, despite not explicitly stating the concept of an exchange, the bill plainly suggests some form of record-keeping for any individual or established business entity interested in…

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