The Senate of Paraguay, a South American nation, on Thursday, approved a bill to regulate cryptocurrency mining and trading in the country.
The passage of the law is part of an approval made in December last year, but was modified in May by the Chambers of Deputies (the lower house of Paraguay's bicameral legislature) and therefore returned to the upper chamber (the Senate) for further considerations.
Both chambers have now approved the bill and so it must be submitted to the executive branch, which has the power to approve or veto it.
The proposal modified by the Chamber of Deputies and accepted by the Senate designates the Ministry of Industry and Commerce as the main law enforcement authority to penalize individuals or firms conducting mining or offering crypto services without obtaining legal authorization.
The bill further delegated powers to the Secretariat for the Prevention of Money or Asset Laundering to be in charge of supervising the entire investment process conducted by...
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