thenewscrypto.com
- Crypto mining businesses must provide the national electricity administration with plans.
- Payment for electricity services will also be paid in advance.
There is a push to standardize and regulate cryptocurrencies in Latam so that investors can better understand what is going on. After a vote in Paraguay, a cryptocurrency law was passed on July 14th. This measure lays out the standards that businesses and people must follow when dealing with cryptocurrencies.
Certain adjustments were made to the measure filed by Senator Fernando Silva Facetti and others last year that was regarded as an improvement by the deputy chamber. The country’s Ministry of Industry and Commerce was responsible for overseeing cryptocurrency-related services under the terms of the legislation.
Legislators Urge For a Presidential Veto
It also states that crypto mining businesses must provide the national electricity administration with plans for their use, and if they do not, they risk having their power disconnected. Payment for electricity services will also be paid in advance.
Although crypto enterprises will be free from value-added taxes, they will still be required by law to pay income taxes. Now it is up to President Mario Abdo Bentez, the country’s leader, to decide whether or not to sign or reject the measure. However, the law’s adoption in its present form has caused several legislators to urge a presidential veto.
Another senator, Esperanza Martinez, slammed the crypto measure, claiming it didn’t represent an industry. Further, Martinez said that the business was “electro-intensive and extractivist because of the limited employment opportunities.”
Senator Enrique Bacchetta backed Martinez’s stance and requested a presidential override on the bill. If this law is vetoed, it won’t be the first time this has happened in Latam. In June, the president of Panama, Laurentino Cortizo, partly rejected a cryptocurrency bill because of concerns about possible money laundering.
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