Paraguay Eyes Crypto Regulations in 2022

Cryptocurrency in the South American nation of Paraguay could be facing new rules in the new year.

The measure was approved by Paraguays Chamber of Senators last summer. Under the legislation, virtual assets are defined, and a license would be required to mine cryptocurrencies. It will now be considered by the countrys Deputy Chamber.

The legislation is supported by Sen. Fernando Silva Facetti. He said the law is intended to recognize mining of virtual assets as an industry; establish the grounds to guarantee access to energy and requirements that promise to formalize the burgeoning sector.

Lawmakers said the law defines tokens, cryptocurrency mining, and virtual asset service providers. If passed, it would provide additional powers to regulate the industry to the Ministry of Industry and Commerce, a governing agency which would be funded by other organizations in the country to implement the law.

Read more: Paraguay Lawmakers Could Approve Crypto Regulations in 2022

In other crypto news, the top 1% has referred to the nations wealthiest Americans by income or net worth. Now, a new study has found leading bitcoin holders rule a bigger share of the cryptocurrency than the wealthiest U.S. households control in dollars.

TheBlockchain Analysis of the Bitcoin Marketby theNational Bureau of Economic Researchrevealed 0.01% of bitcoin owners dominate 27% of the currency. The cost to mine it has become so high that only a small group of enterprise-level firms can afford to do it.

Researchers found the top 10,000 bitcoin accounts hold 5 million bitcoins, or $232 billion. Given Crypto.com reports 114 million people around the globe hold bitcoin, the fraction of top holders control 27% of the 19 million bitcoins in circulation. In contrast, the Federal Reserve Board reports the top 1% of households hold 33% of all the countrys wealth.

Read more: Bitcoins 1% Controls Most of the Cryptocurrencys Wealth

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