Paraguay's crypto framework is about to become law
Paraguayan lawmakers deliberated for a year on a comprehensive crypto regulatory framework that includes considerations for businesses and merchants.
New
The Paraguayan Senate passed a bill on July 14 establishing a tax and regulatory framework for companies operating in the cryptocurrency and crypto mining sectors.
The bill, introduced last July by Senator Fernando Silva Facetti and passed in Congress in May before reaching the Senate, calls for the formation of the Ministry of Industry and Commerce (MIC) to oversee the crypto industry service providers. The bill is now on the verge of being ratified as law by President Mario Abdo Benítez.
A notice from Congress in May stated that the bill specifically relates to the mining, marketing, intermediation, exchange, transfer, safekeeping and/or administration of crypto assets or instruments to control crypto assets.
Local news outlet ABC reported on July 14 that companies that operate in the crypto industry will be treated the same as those that deal in securities for tax purposes. As a result, they will be exempted by the Under-Secretary of State for Taxes from paying value added tax (VAT) but will be included in the income tax regime.
PARAGUAY: #Bitcoin and crypto companies are exempted from paying VAT in a newly approved invoice.
— Bitcoin Archive (@BTC_Archive)
Paraguayan lawmakers deliberated for a year on a comprehensive crypto regulatory framework that includes considerations for businesses and merchants.
New
The Paraguayan Senate passed a bill on July 14 establishing a tax and regulatory framework for companies operating in the cryptocurrency and crypto mining sectors.
The bill, introduced last July by Senator Fernando Silva Facetti and passed in Congress in May before reaching the Senate, calls for the formation of the Ministry of Industry and Commerce (MIC) to oversee the crypto industry service providers. The bill is now on the verge of being ratified as law by President Mario Abdo Benítez.
A notice from Congress in May stated that the bill specifically relates to the mining, marketing, intermediation, exchange, transfer, safekeeping and/or administration of crypto assets or instruments to control crypto assets.
Local news outlet ABC reported on July 14 that companies that operate in the crypto industry will be treated the same as those that deal in securities for tax purposes. As a result, they will be exempted by the Under-Secretary of State for Taxes from paying value added tax (VAT) but will be included in the income tax regime.
PARAGUAY: #Bitcoin and crypto companies are exempted from paying VAT in a newly approved invoice.
— Bitcoin Archive (@BTC_Archive)What's Your Reaction?
