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Paraguay’s “Bitcoin Law” includes registration of mining and trading activities
The proposed new Bitcoin law expected into Paraguay’s legislature tomorrow will ask for cryptos to be registered with the country’s Undersecretariat of State Taxation. This according to an early leaked draft of the Bill.
A rough translation of the leaked document that was obtained by crypto news platfom Decrypt states:
“The purpose of this draft law is to establish legal certainty, financial and fiscal in the businesses derived from the production and commercialization of virtual assets.”
The proposal would include regulation of crypto mining as well as trading through exchanges and peer-to-peer marketplaces. Anyone participating in these activities will be required to register as “obligated subjects.” The document discloses:
“It is important that companies can register these products within their accounting so that they can have their real valuation, additionally [it] helps to optimize the tax collection of this industry, finally giving traceability of what is produced in the country facilitating its tracking by supervisory authorities.”
Crypto mining should be seen as an industrial activity under the purview of the Ministry of Industry and Commerce, the bill further discloses. This is due to its use of capital, labor, machinery and construction of civil infrastructure
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Author: Peter Siu