Peru launches a bill to regulate cryptocurrencies
RIO DE JANEIRO, BRAZIL – Peru joins countries seeking to regulate cryptocurrencies. Lawmaker José Elías Ávalos of the Podemos Perú party has submitted a bill called the Framework Law for the Commercialization of Cryptoassets, which aims to regulate organizations that offer cryptocurrency services.
Peru has seen strong growth in adoption: In 2021, transactions increased by 258%, with Bitcoin being the most popular currency, accounting for 70% of purchases and sales, according to the latest Buda report.
The project, unveiled in late December, sets “the guidelines for the operation and functioning of cryptocurrency service providers through technological platforms based on the principles of the free market and free competition.”
One of the key points is that banks and non-banks offering to buy/sell and trade cryptocurrencies must register in the Unified Registry of Cryptocurrency Exchange Platforms (RUPIC).
Regarding the acquisition of crypto assets, the project states that: “The acquisition and use of crypto assets and cryptocurrencies are the absolute responsibility of their buyers and owners, who, based on the principles of the free market and free competition, should strive to inform themselves about the risks associated with trading in assets of any kind.”
In any case, the project categorically rules out the possibility of Bitcoin becoming a legal tender, for the time being, saying that “crypto-assets are not considered legal tender,” while proposing the creation of a unified registry for crypto assets and cryptocurrency exchange platforms (RUPIC), to register cryptocurrency exchanges that “offer the established services.”
“Peru is one of the fastest-growing countries in the field of digital payments, in the use of technology to carry out commercial transactions, and it is known that cryptocurrencies are used as a means of payment in our country. Therefore, the regulation does not clash with other similar regulations, but on the contrary, provides greater security in the conduct of transactions with cryptocurrencies, which until now have been carried out in an irregular and unsafe manner,” the document says.
It also emphasizes the obligation to report “suspicious transactions” to the Financial Intelligence Unit to avoid money laundering.
Finally, the proposal, which is expected to be debated in Congress in the first months of the year, highlights cryptocurrencies as a contribution option for the creation of corporations (S.A.) and the accounting treatment of these assets.
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