3 months ago
Paraguayan agencies are acceptable to integrate the crypto sector. All that’s missing is the legislation.
That’s according to Juan Carlos Reyes, the president of the Comisión Nacional de Activos Digitales (CNAD), the bureau successful complaint of regulating cryptocurrencies successful El Salvador.
“From my perspective, Paraguay seems to person the groundwork laid for supervision, regulation, and taxation regimes. It feels similar they’re conscionable waiting for politicians to o.k. oregon suggest a ceremonial instrumentality to determination things forward,” Reyes told CoinDesk.
On Friday Reyes signed a crypto regulatory agreement with Liliana Elizabeth Alcaraz Recalde, caput of Paraguay’s Secretaría de Prevención de Lavado de Dinero o Bienes (SEPRELAD). The statement aims to facilitate practice betwixt the 2 countries erstwhile it comes to crypto, including the detection and power of unlicensed crypto operations successful Paraguay and the strengthening of anti-money laundering practices.
"While here, I had the accidental to be a presumption by the Director of Taxation, who outlined the country’s projected strategy and absorption for regulating cryptocurrencies erstwhile the authorities provides legislative clarity,” Reyes told CoinDesk. "We’ve besides been engaging with Paraguay’s Financial Investigative Unit for immoderate time, sharing champion practices and studying however El Salvador has successfully regulated and supervised this market.”
El Salvador has one of the astir broad crypto regulatory frameworks successful the world, and different countries person reached retired to the tiny Central American federation for guidance. Back successful December, Reyes signed a similar agreement with Argentina’s Comisión Nacional de Valores (CNV).
“One interest I person astir the hold successful establishing wide regulations is the imaginable maturation of an informal crypto market. If it’s not addressed soon, it could grow to a standard that becomes difficult, if not impossible, to supervise effectively,” Reyes said astir Paraguay.
“This reminds maine of the unregulated merchantability of U.S. dollars extracurricular ceremonial retail channels successful galore countries with their ain currencies,” helium added. “Independent sellers often supply amended rates, but there’s nary traceability of the funds oregon visibility into who’s involved. Without timely regulation, I interest cryptocurrencies could travel a akin trajectory here, increasing to a constituent that’s pugnacious to manage.”
SEPRELAD did not respond to a petition for comment.
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