In recent months we are witnessing a global push towards the regulation of crypto assets, probably also following the decisions taken by the FATF (international financial action group); according to reports from the local press, Paraguay has decided that the time has come to give birth to an ad hoc regulation for cryptocurrencies, but unlike other countries, it seems to be showing some intelligence in moving in this direction. After all, cryptocurrencies have become very important and popular throughout Latin America, consequently a country like Paraguay must face both the need to regulate the market and that of not being cut off from the push to technological innovation that is featuring the area. Last week, therefore, the secretary for the prevention of money laundering announced a nationwide survey, which will involve all Paraguay's virtual property service providers (VASPs), aimed at allowing the government to understand the state of the industry. blockchain in the country; the VASPs are invited to share information on their activities and the study of what will emerge will then attempt to produce a regulation that can both combat money laundering and encourage the growth of the cryptographic industry in the country.

It is the Paraguayan government itself that has affirmed that the data collected will serve to define the degree of adoption of the encrypted coins achieved in the country, as well as to focus on the size and complexity of the market, in order to create a new regulation which, in the intentions, should be introduced during 2020; the country had always avoided taking a clear position on market regulation, however it was precisely the pressure of the FATF that made it clear that this could not be postponed any longer. Until now, the operators of the sector, also by virtue of the ostracism found at the country's banks, had provided for self-regulation, trying to remain as adherent as possible to the anti-money laundering rules that regulate international trade, so hope is that with the entry into force of new ad hoc laws for the cryptographic market, companies that already operate in the sector are already well advanced and do not need particularly onerous investments to adapt to the new, future, regulation. Probably a license will be required to continue to operate legally in the country, or in any case register with a special national register, however the feeling is that the operators of the sector will not have major difficulties in complying with the anti-money laundering regulations and that they are already well advanced in this regard. It remains to be seen what form the new regulation will actually take, but it is still not possible to talk about this, since there is no official document on the matter; we just have to wait for a first draft law to understand whether the Paraguayan government has actually worked well or not.