The Parliament of Paraguay has passed a bill establishing a tax and regulatory framework for businesses operating in the cryptocurrency and the crypto mining sectors. It is now one step away from being ratified as law. The bill, introduced a year ago, calls for the formation of the Ministry of Industry and Commerce (MIC) to oversee crypto industry service providers. The new regulation relates specifically to crypto mining, commercialization, intermediation, exchange, transfer, custody, and/or administration of crypto assets or instruments that allow control over crypto assets. As reported by some local media, companies that operate in the crypto industry would be treated the same as those dealing with securities for tax purposes. As a result, they will be exempted from paying a value added tax (VAT) but will be included in the income tax regime.
Sources: https://cutt.ly/6LLBg03
