Paraguayan agencies are ready to integrate the cryptography sector. All that is missing is the legislation.
It is according to Juan Carlos Reyes, the president of the Comisión Nacional of Digital Activos (CNAD), the agency responsible for regulating cryptocurrencies in Salvador.
“From my point of view, Paraguay seems to have the basics of supervision, regulations and tax regimes. It feels like waiting for politicians to approve or offer an official law to get things done, “Reyes told Coindesk.
Friday, Reyes signed a cryptographic regulatory agreement with Liliana Elizabeth Alcaraz Recalde, chief of the secretaría de prevención de Lavado de Dinero de Paraguay (Seprelad). The agreement aims to facilitate cooperation between the two countries with regard to crypto, including the detection and control of cryptographic operations that are not approved in Paraguay and the strengthening of anti-whiteness practices.
“While here, I had the opportunity to attend a presentation of the tax director, who described the proposed strategy and orientation of the country to regulate cryptocurrencies once the government will bring legislative clarity,” said Reyes to Coindesk. “We also hired how El Salvador managed to regulate and supervise this market.”
El Salvador has one of the regulatory frameworks of the most complete cryptography in the world, and other countries have contacted the small nation of Central America to obtain advice. In December, Reyes signed a similar agreement with the Comisión Nacional de Valores d’Argentine (CNV).
“A concern that I have concerning the delay in establishing clear regulations is the potential growth of an informal cryptography market. If he is not discussed soon, he could extend on a scale that becomes difficult, if not impossible, to supervise effectively, “said Reyes about Paraguay.
“This reminds me of the unregulated sale of US dollars outside of formal retail channels in many countries with their own currencies,” he added. “Independent sellers often offer better rates, but there is no traceability of funds or visibility on which is involved. Without a timely regulation, I am worried about cryptocurrencies could follow a similar trajectory here, growing up to a difficult point to manage. »»
Seprelad did not respond to a request for comments.
