Costa Rican Congresswoman Johana Obando proposed a invoice titled “Cryptoassets Market Regulation (MECA),” to manage and acknowledge cryptocurrency within the Central American nation.
The invoice was proposed alongside Congressmen Luis Diego Vargas and Jorge Dengo, who additionally talked about the federal government shouldn’t tax cryptocurrency earnings generated from mining, however that earnings from crypto buying and selling ought to be taxed.
Obando took to Twitter to clarify that the invoice seeks to grant authorized certainty to fintech corporations, encouraging the digital economic system’s progress and crypto-asset adoption. She additionally expressed her perception that the invoice will open up Costa Rica to overseas traders and fintech corporations in addition to create job alternatives for Costa Ricans.
Moreover, the invoice goals to protect particular person digital belongings, self-custody of crypto belongings, and decentralization with out interference from the Costa Rican authorities or banks.
Obando stated she want to welcome crypto traders into Costa Rica. She added that the motivation behind the proposed invoice is to create a authorized safety framework for the trade to maintain tempo with crypto adoption is already underway in some components of the nation.
Crypto regulation in Latin America
MECA differs from El Salvador because it introduces cryptocurrencies as personal digital currencies that can be utilized and circulated freely, and it doesn’t oblige companies to just accept cryptocurrency as a way of fee. As Bitcoin is a authorized tender in El Salvador, companies are required by legislation to just accept Bitcoin as fee. Obando criticized the feasibility of a gradual web connection.
Costa Rica’s Latin American neighbor Paraguay can also be working in the direction of creating rules to implement governmental oversight on the Bitcoin mining trade, particularly enabling mining power provide in addition to supervising mining investments by crypto corporations and the way mining corporations handle digital belongings produced from mining actions.