Paraguay to Start Checking Crypto Monetary Institutions!

Paraguay will examine the accounting documents of crypto currency companies.

The spread of crypto currencies all over the world and the fact that millions of people started to use them naturally made the pressure of regulators inevitable.

The latest development came from the Paraguay administration and it was announced that the crypto currency companies in the country would be inspected.PRELAD, one of the financial regulators of Paraguay, which is mainly focused on the prevention of money laundering, said that companies offering virtual money services in the country should submit their accounting documents.

The data obtained will be used for both tax calculation and the extent to which crypto currencies are accepted, their complexity and the size of the virtual money market in Paraguay.Paraguay, with no crypto currency regulation to date, plans to bring order to a degree with new moves.

As long as the crypto currency regulations are metered, it improves the sector and provides confidence to market-fearing investors.