How to Buy Cryptocurrency in Paraguay
Buying cryptocurrency in Paraguay
Paraguay is another example of a government making an attempt to regulate cryptocurrencies. To get oversight on crypto assets, the country must first feel the immensity of its crypto industry. The Financial Action Task Force (FATF) was what drove the government of Paraguay to the decision to formalize cryptocurrencies. FATF aims to combat terrorism financing and money laundering. For such purposes, it had already established a set of guidelines on VASPs regulation. In December 2019, the Secretary for Preventing Money and Property Laundering (SEPRELAD) made a statement announcing a national survey for all virtual asset service providers (VASPs). This way, the whole crypto industry was to be ready for government auditing. Once the necessary information is gathered, the government will provide a fitting model for regulation. An interesting thing to mention is that despite the central bank’s skepticism towards crypto, the citizens of Paraguay seem to be accepting of cryptocurrencies.
As of 20/03/2021
These exchanges all accept customers from Paraguay. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options