Paraguay now legally recognizes securities issued on distributed ledger technologies: Ley 7572/2025 del Mercado de Valores y Productos, enacted in November 2025, includes them in the concept of a security under the supervision of the BCP's Securities Superintendency. What is missing is the regulation that turns that legal basis into an operational window.
From the CNV to the Securities Superintendency
Until 2023 the Paraguayan securities market depended on the National Securities Commission (CNV), an autonomous body. Ley 7162/2023, approved by Congress on 23 August and enacted on 1 September 2023, replaced it with the Securities Superintendency (SIV), a technical body integrated into the structure of the Central Bank of Paraguay (BCP) with functional autonomy. The superintendent is appointed by the Executive Branch from a shortlist from the BCP Board, and the new superintendency began operating within the central bank in October 2023.
The practical reading: the securities supervisor shares a house with the banking supervisor and the monetary authority. That usually translates into risk-based supervision, with more weight on corporate governance and money laundering prevention, and it is reasonable to expect the same logic for tokenized securities.
What changed with Ley 7572/2025
Ley 7572/2025, enacted on 7 November 2025, brings together in a single body matters that were previously spread across several laws (securities, commodity exchanges, funds, rating agencies, securitization companies) and leaves the BCP as the enforcement authority, which exercises it through the SIV. Three developments matter to anyone thinking about tokenizing:
- DLT securities. The law includes among securities those issued, registered, transferred or stored through distributed ledger technologies or similar ones, and empowers the BCP to specify, expand or restrict that scope by regulation. Few countries in the region have such express legal recognition of the security token.
- Collective financing. For the first time, investment agreements in collective projects with profit expectation are regulated, designed for MSME crowdfunding.
- Foreign securities. Public offering in Paraguay is opened for securities already listed on foreign markets without the issuer having to incorporate in the country.
The operational side lags behind. The SIV set a roadmap for 2026 with a first generation of enabling regulations and a second dedicated to innovation: private funds, crowdfunding, tokenization and DLT, foreign issuances. By mid-2026, the parameters for custody, settlement, DLT infrastructure and platform authorization were still pending regulation.
The crypto debate and mining, a separate track
In Paraguay two conversations are often mixed. One is securities tokenization, which now has a law. The other is cryptocurrencies and bitcoin mining, attracted by the hydroelectric surplus, which still lacks a comprehensive framework. In 2022 the Executive Branch vetoed a bill that regulated mining and the trading of cryptoassets, and the veto stood. In 2024 a group of senators presented a bill to ban the activity, which the Senate stopped. Since then the debate has focused on clandestine connections to the ANDE grid, electricity tariffs and, by 2026, new tax information obligations on cryptoasset transactions.
The conclusion for an issuer is straightforward: a security token is a security, not a cryptocurrency, and its regime is that of Ley 7572/2025 and the SIV. Presenting the project with that language prevents banks and investors from associating it with mining.
What an issuer can do without leaving Paraguay
The Asunción Stock Exchange (BVA) is an active market, especially in fixed income: corporate, financial, subordinated and public bonds concentrate trading, and the exchange itself is modernizing its platform. Local options today:
- Classic issuance. Bonds or shares with a public offering registered with the SIV and trading on the BVA. Operational and known to local investors.
- Tokenized security public offering. With legal basis since November 2025, but subject to the SIV's rules on DLT infrastructures and custody.
- Private offering to qualified investors. More agile, with limited reach and liquidity.
- Regulated crowdfunding. For small amounts, when the SIV publishes its rules.
When the European route makes sense from Paraguay
Spain has regulated the issuance of securities over distributed ledgers since 2023. Article 8 of the Ley 6/2023 created the ERIR, the entity responsible for the registration and recording of those securities, and the Real Decreto 814/2023 developed it. The first authorized ERIR was URSUS-3 Capital, A.V., in November 2024, and the ERIR registry lets you check which entities are authorized. These securities fall outside MiCA, whose Article 2.4 excludes crypto-assets that are financial instruments.
Three reasons for a Paraguayan company to look to Europe:
- Timeline. The Spanish circuit works today. Issuing in Paraguay depends on the SIV completing the second generation of regulations.
- Investors in euros. From June 5, 2026, the prospectus exemption reaches 12 million euros per issuer in 12 months, enough for most mid-sized issuances. Above that, a prospectus approved by the CNMV is passported to the rest of the EU.
- Consistency with Paraguay's opening. Ley 7572/2025 already contemplates the offering in Paraguay of securities listed abroad; its application to foreign tokenized securities will depend on the regulations.
The usual structure is a Spanish special purpose vehicle that issues the tokenized security and channels the funds to the project in Paraguay. The complete procedure is in the guide on how to issue a security token in Spain.
Paraguay vs. the European route
| Criterion | Paraguay | European route (Spain) |
|---|---|---|
| Legal basis for the tokenized security | Ley 7572/2025, which includes DLT in the concept of a security | Art. 8 Ley 6/2023 and RD 814/2023 |
| Supervisor | SIV, within the BCP | CNMV, with registration in an authorized ERIR |
| Operational status | DLT regulation in progress during 2026 | Operational since 2024 |
| No prospectus | Private offering to qualified investors | Up to 12 M€ per issuer in 12 months |
| Scope | Paraguayan market | All of the EU via passport |
| Usual currency | Guaraníes or dollars | Euros |
The summarized process for a Paraguayan company
- Choose jurisdiction. Paraguay if the investor is local and the timeline allows waiting for the SIV; Spain if you want to issue now or raise in euros.
- Define the instrument. Debt, equity, or economic rights over an asset. Its classification as a security determines the documentation.
- Set up the structure. Spanish special purpose vehicle with documented flows to Paraguay, or early coordination with the SIV and BVA on the local route.
- Appoint the ERIR and prepare the documentation. Information document under the 12 million euros exemption or passported prospectus above that.
- Issue and administer. Placement, investor verification, and corporate event management throughout the life of the security.
How to decide
In two years, Paraguay has taken the leap that several neighbors still lack: a strengthened supervisor within the central bank and legal recognition of securities on DLT. It thus moves closer to Uruguay and further from Argentina, where tokenization advances via sandbox. Local project and no rush: issuing at home is defensible. Capital in Europe or a tight timeline: the Spanish route solves it today with published rules. The hub for Latin American issuers compares both routes with the rest of the region.
Frequently asked questions
Can tokenized securities be issued in Paraguay?
Yes, legally: Law 7572/2025 on the Securities and Products Market includes among securities those issued, registered, or transferred through distributed ledger technologies. Operationally, the Superintendencia de Valores expects to complete during 2026 the regulations on custody, DLT infrastructure, and platforms, so the specific requirements for issuing are still being defined.
Who supervises the Paraguayan securities market?
The Superintendencia de Valores, created by Law 7162/2023 to replace the National Securities Commission. It is a technical body within the Central Bank of Paraguay with functional autonomy, and the BCP is the implementing authority for Law 7572/2025. Cryptocurrency mining and trading follow a different track and have no comprehensive law.
When is the Spanish route suitable for a Paraguayan issuer?
When it seeks investors in euros or does not want to depend on the local regulatory timeline. Spain has ERIRs authorized since November 2024, a prospectus exemption of up to 12 million euros from June 2026, and a European passport above that threshold. The usual structure is a Spanish special purpose vehicle that finances the project in Paraguay.
Does your Paraguayan company want to issue without waiting for the SIV regulations? Take the issuance diagnostic (2 min) or request a proposal.
This content is informative and educational. It does not constitute legal, tax, or investment advice. Check the current version of each regulation in the BOE and on EUR-Lex.
HokenFi is a software and infrastructure provider; it does not provide regulated services (CASP, ESI, EAF, or ERIR). This article is informative and does not constitute financial or legal advice.
