Costa Rican Lawmaker Proposes to Regulate Crypto Market

Annie Li   Oct 28, 2022 09:25 2 Min Read


Johana Obando, a congresswoman from the Central American country of Costa Rica, has introduced a bill to Congress requesting the government to regulate the crypto market and cut taxes on cryptocurrencies, making Costa Rica a cryptocurrency-friendly country.

The bill proposes that the Costa Rican government recognize cryptocurrencies and allow people to hold, trade freely, and spend cryptocurrencies.

Johana Obando mentioned on his official Twitter that Cryptoassets Market Law (MECA) will "protect individual virtual private property, self-custody, and decentralization of crypto assets" from the country's central bank - but in "perfect harmony" with it ".

Johana Obando, along with members of Congress Luis Diego Vargas and Jorge Dengo, proposed that Costa Rican citizens should not be taxed on goods purchased using cryptocurrencies, and the government should not tax cryptocurrencies generated from mining, but that profits from trading cryptocurrencies would be subject to income tax.

Obando said the move would attract foreign investors and fintech companies and create jobs for Costa Rican citizens.

As cryptocurrencies continue to gain popularity worldwide, many countries have placed great emphasis on cryptocurrencies.

Costa Rica also ranks among the countries with the highest acceptance of cryptocurrencies.

In 2018, according to the country’s law, in Costa Rica, part of an employee’s salary can be paid in cryptocurrencies, and wages can be paid not only in fiat currency but also in commodities. Some legal experts believe that cryptocurrencies are suitable for this category.

In addition, Costa Rican law provides for the use of generally accepted assets as a means of payment.

The country’s work code allows workers to receive part of their wages in cryptocurrency. They can also negotiate with employers about how much cryptocurrency they want to receive.

Unlike El Salvador, which uses bitcoin as legal tender, the bill proposes introducing cryptocurrencies as private virtual currencies that can be used and circulated freely but not as national legal tender.


Image source: Shutterstock

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