Paraguay is poised to integrate cryptocurrencies, with only the requirement of legislative approval, according to Juan Carlos Reyes, president of El Salvador's Comisión Nacional de Activos Digitales (CNAD). Reyes noted that Paraguay has laid the groundwork for regulation and taxation but awaits formal laws from politicians to facilitate advancement. He signed a crypto regulatory agreement with Paraguay's head of the anti-money laundering agency, which aims to govern cooperation in detecting unlicensed crypto operations. Reyes emphasized the risks of an unregulated crypto market damaging effective supervision and echoed concerns similar to those seen with unregulated foreign currency sales. He pointed out that timely regulation is crucial to prevent cryptocurrencies from becoming difficult to manage, echoing the struggles faced by many nations with their own currencies. Paraguay's readiness was highlighted in discussions with its Financial Investigative Unit about adopting best practices for crypto regulation and taxation once laws are established.

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