Peru advances towards the approval of a cryptocurrency regulation law

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The Economy and Finance Commission of the Peruvian Congress has taken an important step towards the approval of the law that will regulate the commercialization of cryptocurrencies in the country. This measure seeks to establish a legal framework that promotes transparency, legal certainty and protection of the public in operations with crypto assets.

The project, presented in December 2021, must now be debated in the plenary session of Congress. This initiative is a reflection of the growing interest and adoption of cryptocurrencies in Peru, where the Bitcoin ecosystem is constantly growing.

Regulation for companies that provide services with crypto assets.

The proposed law seeks to regulate the operations and functioning of companies that offer services with crypto assets, such as cryptocurrency exchanges and wallets. Based on the principles of free market and free competition, it is intended to establish a clear and secure legal framework for investors and issuers of cryptocurrencies.

In addition, the prevention of fraud and financial crimes, such as money laundering and financing of terrorism, will be promoted. The Financial Intelligence Unit of the Superintendency of Banking and Insurance will be responsible for supervising crypto assets, their rules and their value.

Registry of service providers and public protection.

The regulation also establishes the creation of a registry of cryptocurrency service providers called RUPIC. The purpose of this registry is to register all cryptocurrency exchange platforms that meet the established requirements.

With this, it seeks to provide clarity, transparency and legal certainty to both investors and issuers of cryptocurrencies. Likewise, the absolute responsibility of the buyers and owners of crypto assets is emphasized, who must inform about the risks inherent in trading with these assets.

Growing adoption of cryptocurrencies in Peru.

The advance of this law in the Peruvian Congress occurs in a context of constant growth in the adoption of cryptocurrencies in the country. According to blockchain analysis firm Chainalysis, Peru ranks eighth among Latin American nations with the highest use of crypto assets.

In addition, the country holds the 35th position in the world adoption ranking. The Bitcoin Beach Wallet has registered a high volume of transactions in Peru, and more than 60,000 Peruvians have received Bitcoin education since 2020, demonstrating an increase in adoption. Even Peruvian entrepreneurs, like the shoemaker Olger Alarcón, accept Bitcoin as a form of payment.

To end.

The approval of the opinion on The cryptocurrency law in the Commission of Economy and Finance of the Peruvian Congress is getting closer and closer to the regulation of this market in the country.

This measure is an important step to promote the mass adoption of cryptocurrencies and provide protection to investors and users in Peru. The proposed regulation seeks to establish a clear and secure legal framework that promotes transparency, fair competition and the prevention of criminal activities.



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