Paraguay’s crypto framework one step away from becoming law

The bill, introduced last July by Senator Fernando Silva Facetti and passed by Congress in May before reaching the Senate, calls for the creation of a Ministry of Industry and Commerce (MIC) to oversee crypto industry service providers. The bill is now one step away from being approved as law by President Mario Abdo Benitez.

A notice to Congress in May said the bill specifically deals with crypto mining, commercialization, mediation, exchange, transfer, custody, and/or administration of crypto assets or instruments that allow control over crypto assets.