Country overview

#105

Paraguay

Country stats

Rating Points

100

This indicator describes the overall rating of a given jurisdiction on several parameters according to cryptocurrency operations - market volume, crypto regulation, business climate, taxation framework.

Crypto Penetration

1.24%

Estimated percentage of crypto users out of the country's total population based on public data.

Legal Entities

Number of crypto companies registered in the country based on regulator data if available or other types of public data.

Regulation Points

An overall assessment of the granularity of crypto regulation in a given country. A high score is also given to countries where cryptocurrency transactions are highly regulated.

Amount of crypto users

85 078

Total amount of crypto users out of the country's total population based on public data.

Taxation points

This figure, according to our analysts' calculations, indicates the overall level of tax burden for cryptocurrency transactions in a given country. The higher the indicator, the lower the burden.

Market volume points

A rough estimate of this jurisdiction's retail crypto market relative to the rest of the world. The higher the indicator, the higher the market potential.

Status of crypto

De facto

General status of cryptocurrency regulation in this jurisdiction.

Crypto payments

No regulation

The legal status of cryptocurrency payments for goods and services in a given country based on information from regulators, public data and feedback from our community.

Security Level

Minor danger

The overall level of security in a given country based on open data.

Crypto Salaries

No regulation

The legal status of cryptocurrency salaries to employers in a given country based on information from regulators, public data and feedback from our community.

Business Climate

Medium

Overall assessment of the friendliness of this country for crypto-business. This indicator takes into account the cost of obtaining a license and the attitude towards crypto entities in the country.

Stablecoin Regulation

No info

This indicator is evaluating the regulation of stablecoins in a given country. Complex regulation means that it is possible to issue steiblcoins and obtain a license for this activity. Basic regulation means that the issuance of stablecoins is possible, but not all legal aspects are defined in the law. Standard regulation means that there is a legal practice of steylcoin circulation in a given country.

Bad Factors

This section describes the unfavorable economic factors for crypto-business in a given country. These are countries that are under sanctions or on the FATF grey list and other factors.

Types of licenses

No licenses exist

Good

Medium

Bad

intro

This is general info about crypto regulation in Paraguay. A more precise overview will be published later. However, if you find any inaccuracy or have other feedback - please write us in telegram @ilya_ii or by e-mail - editor@cryptopenetration.com

Paraguay (1) is a country located in South America. It has a population of 6.5 million people and an area of 400,000 km².

To travel to the country, citizens of many countries need to obtain a visa to Paraguay. The maximum period of stay in Paraguay (2) on a visa will be 90 days. According to the National Constitution of Paraguay (3), after three years of permanent residence, you can get citizenship by naturalization. There are different opportunities to get a residence permit in Paraguay including investment in the economy, local company ownership or work.

Security level

Paraguay has a minor danger security level according to our rating. Jurisdiction has 49.1 points (from 100) for safety level in Numbeo crime rating (4). Homicide level (5) is 7.0 per 100,000 inhabitants a year. Level of firearm related death (6) 6.44 per 100,000 inhabitants a year. This county is one the safest into Latin America.

Crypto Payments

Currently there is no regulation for crypto payments in the country.

Crypto Salaries

We do not have data on the implementation of salary payments in cryptocurrency in Paraguay.

Legal

In July 2022 Paraguay’s president (7), Mario Abdo Benítez, vetoed a bill that sought to recognize cryptocurrency mining as an industrial activity on Monday. He reasoned that mining’s high electricity consumption could hinder the expansion of a sustainable national industry.

However, Congress has approved (9) new crypto bill one more time to pass the president’s veto. Finally the bill was rejected (10) in December 2022. In February 2024 local blockchain association recommended (11) legislators to create crypto regulation framework in the country. Despite crypto regulation is absent in Paraguay, it's has great business opportunities for miners like Bitfarms, which legally operate in the country.

Taxation

No special regulation for crypto taxation. To mine crypto in Paraguay (12), companies just need to register and pay corporate taxes, which tend to be lower than neighboring countries as well. Paraguay currently has a system for international organizations known as “triple 10”, consisting of 10% income tax, 10% VAT, and 10% personal income tax.

Links

1)👉🏻Paraguay. Wikipedia

2)👉🏻Visa for Paraguay

3)👉🏻Residence permit in Paraguay

4)👉🏻Crime Index by Country 2023 Mid-Year

5)👉🏻List of countries by intentional homicide rate

6)👉🏻List of countries by firearm-related death rate

7)👉🏻President of Paraguay vetoes crypto regulation law

8)👉🏻LinkedIn reports crypto and blockchain job listings have surged 615% since August 2020

9)👉🏻Latin America's Moves to Regulate Cryptocurrency Industry

10)👉🏻Paraguay Lawmakers Shelve Hotly Debated 'Crypto Law’

11)👉🏻Paraguay: promueven propuesta de ley para reforzar seguridad del sector cripto