Peru Bans Crypto in Gambling and Betting

The Peruvian government has banned using Bitcoin and other cryptocurrencies in gambling.

This new law starts in February 2024. It stops companies from using digital assets like Bitcoin in betting activities.

This change comes through Law No. 31557, effective since October 13. Companies can’t make crypto transactions in gambling and betting anymore.

Violators will face big fines, up to over $190,000.

In other news, Peru is still figuring out its overall crypto rules. A bill is waiting for debate in Congress.

Some people don’t like the proposed law. They say it was made without asking the crypto industry.

However, the Minister of Foreign Trade (Mincetur) supports it. He says the new rules could bring in $162 million every year.

Many companies already use crypto in gambling. These businesses operate in different parts of Latin America and the world. The new law will affect them too.

Background

The Peruvian government has banned using Bitcoin and other cryptocurrencies in gambling.

Peru’s relationship with cryptocurrency has been cautious. The government has been studying digital assets for a while now.

It aims to balance innovation with consumer safety. Before this new law, there were no specific rules for crypto in gambling.

This made Peru a grey area for such businesses. Other Latin American countries like Argentina and Brazil also have evolving crypto regulations.

They are often seen as hubs for crypto activities. The ban in Peru may influence crypto policies in these neighboring countries.

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.