Costa Rican lawmakers propose bill to remove crypto tax

Costa Rican congresswoman Johana Obando proposed a bill to Congress in an attempt to regulate and promote the crypto industry in the country.

The bill was proposed alongside Congressmen Luis Diego Vargas and Jorge Dengo. 

Obando explained on Twitter that the bill, titled the Cryptoassets Market Law (MECA), seeks to grant legal clarity to fintech companies in Costa Rica and encourage the growth of the digital economy and crypto asset adoption. 

The bill also seeks to protect individual private property, the self-custody of crypto assets and to decentralization without interference by the government or the central bank.

In addition, the bill proposes the removal of crypto tax gains generated from mining while profits from crypto trading should be taxed.

Obando also said she believes the bill will invite foreign investors and fintech companies to Costa Ricas as well as create job opportunities for locals.

In similar news, Costa Rica’s Latin American neighbor Paraguay is also working towards developing regulations to enforce governmental oversight on the Bitcoin mining industry, namely enabling mining energy supply as well as supervising mining investments by crypto companies and how mining companies manage digital assets produced from mining activities.

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