Paraguay’s senate passed a bill that will regulate crypto mining and crypto trading but the text has to be approved or vetoed by the executive branch so let’s read more in today’s crypto news.

Paraguay’s senate passed a bill that regulates crypto mining and the country’s senate already approved the bill in December but in May, the Chamber of Deputies passed it with some modifications which are why it was returned to the upper chamber. Now approved by the chambers, the law has to be submitted to the executive branch that has the power to approve or veto it.

Sancionan normativa que regula la comercialización de criptoactivoshttps://t.co/fP7fkLKbXh#SenadoPy pic.twitter.com/lA5YT9vbVE

— SenadoPy (@SenadoresPy) July 15, 2022

The main modification proposed by the Chamber of Deputies and accepted by the Senate is that the main law enforcement authority will be the ministry of industry and commerce which can penalise these individuals or legal entities that carry out mining or provide services with crypto that don’t correspond with authorization. The National Electricity Administration will be in charge of enabling the energy supply and the Secretariat for the Prevention of Money or Asset Laundering will supervise the process that will be carried out by the crypto companies.

The National Securities Commission will be in charge of the commercialization of the assets. The law stipulates that the individual miners that request authorization for industrial electricity consumption will have to apply for a license and also create a registry for the individual or legal entities among to provide the trading or custody services for the third parties. Congressman Carlos Rejala one of the authors of the bill, said that the law looks to attract international miners that will use the low electricity rates of the country. The Canadian Bitcoin miner bitfarms is already one of the biggest players that operate in Paraguay with a 10-megawatt facility which is located in the central part of the country.

As earlier reported, Paraguay’s Industry and Commerce Secretariat will enable and will supervise mining within the country so according to the bill the country’s National Securities Commission, Anti-Money Laundering Office, and National Electricity Administration will regulate the activity. The Chamber of Deputies will discuss the bill in 2020 and the Senator Fernando Silva Facetti was one of the three authors of the measure. The miners whether that be individuals or companies will have to request authorization for industrial electricity consumption and apply for a license.