What regulatory licenses are required for a Paraguayan fintech to offer mobile payments and digital wallets?

Hello,

Thank you for your message. I can prepare a focused legal memo addressing the regulatory framework for launching a mobile payments and digital wallet service in Paraguay.

Engagement & Fees

• Billing basis: USD 165/hour.
• Deliverable: Written memo in English, with citations to the applicable Paraguayan laws/regulations and practical compliance steps.
• Optional: A 60-minute Q&A call to discuss the memo’s conclusions (billed at the same hourly rate).

Scope of the Memo

1. Licensing/Authorizations:
o Whether the model qualifies as an e-money issuer, payment service provider, acquirer, or other regulated entity; whether partnering with a supervised financial institution is required; corporate form and fit-and-proper expectations.

2. Registration & Supervision:
o How to register with the financial regulator (process, key forms, timelines, and typical supporting documentation).
o Participation requirements for national payment systems and settlement/operational rules (clearing, safeguarding, float handling).

3. AML/CFT & Sanctions Compliance:
o Applicable AML/CFT framework, risk-based KYC tiers, onboarding/ongoing due diligence, PEP handling, transaction monitoring, STR thresholds/format, record-keeping, audits, and ongoing reporting duties to the competent authorities.

4. Consumer & Data:
o Conduct-of-business obligations (transparency, fees, dispute resolution/chargebacks), terms and conditions essentials, advertising rules, data/privacy and cybersecurity expectations.

5. Tax Touchpoints (high-level):
o Indirect taxes on fees, retention risks, and operational tax considerations (non-tax opinion; flagged items for your tax advisor).

What I Need From You (to tailor the analysis)

• A brief description of the product flows (funding sources, storage, payments, withdrawals, P2P/P2M, remittances).
• Legal entity plan (local company vs. cross-border), target user base (retail/SME), and any bank/processor partners already identified.
• Anticipated launch timeline and jurisdictions of counterparties/vendors.
If this approach works for you, I’ll share a short engagement letter and start upon confirmation.

Please let me know if you would like me to include the Q&A call in the initial scope.

Best regards,

Au Paraguay, un portefeuille numérique / fintech de paiements mobiles doit être agréé en tant qu’Entidad de Medios de Pago Electrónicos (EMPE) ou prestataire de services de paiement similaire, sous la supervision de la Banco Central del Paraguay (BCP).

Vous devez vous établir localement, soumettre les statuts, le plan d’affaires, la suffisance de capital, le modèle technologique/de sécurité, et obtenir l’autorisation formelle du BCP.

Des obligations strictes de connaissance client (KYC) et de lutte contre le blanchiment (AML) s’appliquent : identification des clients, surveillance des transactions, déclaration des opérations suspectes à la SEPRELAD, et désignation d’un responsable conformité interne est obligatoire.

Les devoirs continus incluent des rapports financiers périodiques, des rapports AML, des audits lorsque requis et une supervision continue du BCP. Cordialement 

Studio Panama Italia

 https://studiopanamaitalia.com