The Senate of Paraguay approved a bill related to crypto regulations. Earlier, in December, the Senate had voted for a bill, but later the lower house recommended some modifications. After this, the document was directed to the upper chamber again.
Related: Paraguay prepares to legalize crypto trading and mining
Currently, the law is approved by both chambers, and is waiting for the executive branch's confirmation or veto. According to the modified bill, the primary law enforcement crypto authority will be the Ministry of Industry and Commerce, which will impose penalties on individuals or legal entities that execute mining or provide crypto services without having authorization.
The country's electricity network will be responsible for supervising the energy supply, and the Anti-money or Asset Laundering watchdog will regulate the entire investment process managed by crypto companies.
The National Securities Commission will regulate the commercialization of the obtained assets. Also, the bill defines that individual or corporate miners need to have a license for industrial electricity usage. Any individual or legal entity will be registered to provide crypto custody or trading services.