3 months ago
El Salvador has entered a regulatory statement with Paraguay connected the taxable of cryptocurrencies.
Paraguay’s Secretaría de Prevención de Lavado de Dinero o Bienes (SEPRELAD) signed a Memorandum of Understanding (MOU) with El Salvador’s Comisión Nacional de Activos Digitales (CNAD) past Friday.
The papers is expected to facilitate practice betwixt the 2 institutions for the crypto sector, the SEPRELAD stated connected its website. The SEPRELAD and CNAD volition besides collaborate successful the detection and power of unlicensed crypto operations successful Paraguay, the bureau said, and fortify anti-money laundering practices.
“El Salvador continues to stock its trajectory and occurrence successful the tract of integer assets, strengthening planetary alliances to physique a much connected and transparent future,” CNAD President Juan Carlos Reyes posted connected X. “This statement not lone fosters innovation, but besides ensures fiscal integrity successful a borderless economy.”
When asked for details astir the agreement, Reyes referred CoinDesk to a connection made by the Central Bank of Paraguay connected Thursday that cryptocurrencies are not registered nor authorized by the cardinal slope oregon the Superintendencia de Valores (which was created successful 2023 and is portion of the Central Bank).
Paraguayans were advised to not interact with crypto entities that weren’t authorized oregon regulated by the Superintendencia.
The cardinal bank’s connection “tells you the importance” of the regulatory statement betwixt the SEPRELAD and CNAD, Reyes said, without providing further comment.
El Salvador’s CNAD has established 1 of the astir precocious crypto regulatory frameworks successful the world. The CNAD was purposefully built to modulate integer assets; the agency’s bureau technology-first attack has been thoroughly praised by crypto companies that person received El Salvador’s Digital Asset Service Provider (DASP) license.
The CNAD is notably the azygous constituent of introduction for each integer assets successful the country, meaning that anyone that isn’t licensed by the committee is breaking the law, Reyes had antecedently told CoinDesk. It is unclear whether the statement with Paraguay involves mounting up a akin operation for the South American nation.
El Salvador has already signed a crypto regulatory statement with the Comisión Nacional de Valores (CNV) of Argentina successful December.
“At CNAD we person 2 halfway objectives, erstwhile it comes to planetary collaboration,” Reyes told CoinDesk astatine the time. “To stock our expertise with planetary partners, enabling them to harness the benefits of a well-regulated industry. … [And] to broaden the planetary footprint of our regulated companies by forging strategical concern agreements with nations worldwide.”
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