Paraguay has joined the list of countries that will restrain mining and crypto trading.
Back in July, a bill allowing the use of bitcoin was submitted to the parliament of this country.
Late last week, the Paraguayan Senate upheld the regulatory framework for miners and cryptocurrency investors.
The document will be considered by the Chamber of Deputies early next year, Senator Fernando Silva Facetti tweeted. He represents a group of parliamentarians advocating for the legalization of the blockchain industry.
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The bill obliges citizens and companies that mine cryptocurrency to obtain a license. They will also need to obtain a permit for industrial electricity consumption.
Control over the work of miners will be provided by the Secretariat of Industry and Trade of Paraguay. The National Securities Commission, the Anti-Money Laundering Authority, and the National Energy Authority will also take over regulatory functions.
Services and exchanges offering services for the exchange and storage of digital currencies will have to register in a special registry.
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However, the law does not yet define a crypto exchange, and parliamentarians have yet to develop a mechanism for monitoring the activities of trading platforms.