Costa Rican Congresswoman Johana Obando proposed a invoice titled “Cryptoassets Market Legislation (MECA),” to control 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 income generated from mining, however that income from crypto buying and selling ought to be taxed.
Obando took to Twitter to elucidate that the invoice seeks to grant authorized certainty to fintech corporations, encouraging the digital financial system’s development and crypto-asset adoption. She additionally expressed her perception that the invoice will open up Costa Rica to international traders and fintech corporations in addition to create job alternatives for Costa Ricans.
Moreover, the invoice goals to protect particular person digital property, self-custody of crypto property, 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 non-public digital currencies that can be utilized and circulated freely, and it doesn’t oblige companies to just accept cryptocurrency as a method of cost. As Bitcoin is a authorized tender in El Salvador, companies are required by legislation to just accept Bitcoin as cost. Obando criticized the feasibility of a sluggish web connection.
Costa Rica’s Latin American neighbor Paraguay can also be working in direction of creating rules to implement governmental oversight on the Bitcoin mining trade, specifically enabling mining vitality provide in addition to supervising mining investments by crypto corporations and the way mining corporations handle digital property produced from mining actions.
