Paraguay To Carry a Large-Scale Audit of the Domestic Cryptocurrency Market Soon
Paraguay Public Authority aimed to combat money laundering (SEPRELAD), has instructed companies working with digital assets to provide complete information about their activities. Based on these data, the authorities plan to estimate the size of the cryptocurrency market of the country and prepare for its regulation. “Data obtained will be used to measure the degree of adoption, complexity and size of the virtual asset market in Paraguay, with the purpose of drafting a regulation that adequately regulates them and mitigates the risk of misuse,” Secretary Minister Christian Villanueva said. Representatives of the current government argue that they will try to establish state regulation of the industry in the first half of next year. Prior to this decision, all companies whose activities were related to cryptocurrencies provided data on their work on a voluntary basis. Now, the regulator introduces mandatory accountability. Experts believe that this initiative will significantly reduce money laundering, terrorist financing, and any other illegal activities.