Paraguay Prepared for Crypto Integration, Awaiting Legislative Action

Paraguay is preparing to integrate the crypto sector, pending the establishment of formal legislation. Key points include:

Juan Carlos Reyes, president of the Comisión Nacional de Activos Digitales (CNAD) in El Salvador, stated that Paraguay has foundational aspects for regulation and taxation in place.
A crypto regulatory agreement was signed between Reyes and Liliana Elizabeth Alcaraz Recalde of Paraguay’s SEPRELAD, focusing on cooperation in detecting unlicensed operations and enhancing anti-money laundering practices.
Reyes noted ongoing discussions with Paraguay's Financial Investigative Unit regarding best practices from El Salvador's regulatory framework.
Concerns were raised about the potential rise of an informal crypto market if regulations are delayed, which could hinder effective supervision.

El Salvador's approach is viewed as a model for other countries, with similar agreements previously signed with Argentina.