“The purpose of this draft law is to establish legal certainty, financial and fiscal in the businesses derived from the production and commercialization of virtual assets,” a rough translation of the document reads. Decrypt reported that the bill was a leaked draft, without saying how it obtained it.

The bill would also regulate crypto mining as well as trading through exchanges and peer-to-peer marketplaces where participants will be required to register as “obligated subjects,” according to Decrypt’s reporting.

“It is important that companies can register these products within their accounting so that they can have their real valuation, additionally [it] helps to optimize the tax collection of this industry, finally giving traceability of what is produced in the country facilitating its tracking by supervisory authorities,” the document says.

Specifically, the rationale of the bill states that crypto mining should be seen as an industrial activity under the purview of the Ministry of Industry and Commerce because of its use of capital, labor, machinery and construction of civil infrastructure.

Congressman Carlos Rejala, who plans to present the bill, told CoinDesk last month that the law would allow crypto mining or exchange companies to finance their Paraguayan operations with digital assets as well as remit dividends abroad and capitalize their crypto profits in domestic banks.

This story is developing and will be updated accordingly.