One of the world’s top crypto law firms, Gresham International, announced this week that it submitted a proposal to begin working with the government of Paraguay on a raft of new cryptocurrency legislation.
In an exclusive provided to CryptoSlate, Gresham International Managing Associate Cal Evans said the proposal was made after the government had requested detailed information around the deployment of both cryptocurrency and blockchain opportunities. The focus was on laws that the government could implement rapidly for both long and short term maximum impact.
The proposal would see Gresham International working with the domestic government to assist them to create laws that would meet the needs of both the country and the cryptocurrency community. Something they have done before in other jurisdictions such as Labuan with the creation of new Security Token laws. Evans further elaborated: “The government is very serious about introducing new cryptocurrency legislation which will make them a regional leader.” During Evans’ top-level discussions with the government, it was understood that the country is now looking at cryptocurrency as a long term opportunity for both their citizens and foreign companies doing business in the country, although it is made clear that the country has no plans to develop its own domestic digital currency at this time.
One of the economical problems currently faced by Paraguay is nationals from other countries establishing mining operations within the country. These operations exploit the relatively cheap and stable electricity available, a situation not mirrored in every South American country. After successfully mining, these foreign nationals then remove their cryptocurrency without paying any domestic tax. This removal without tax is due to the current tax laws not covering cryptocurrency mining.
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