Latin American Regulators Clamp Down on Cryptocurrency Activities

Regulatory bodies in Latin America are cracking down on cryptocurrency activities. In Paraguay, the National Directorate of Tax Revenue (DNIT) has issued Resolution No. 47, which mandates that Virtual Asset Service Providers (VASPs) and individuals report all transactions exceeding $5,000 per year. This includes detailed statements identifying the type of transaction, even if made through offshore accounts or external platforms.