In Peru, Crypto Assets are legally Regulated

09.08.2023 The Government of Peru has published a decree obliging virtual asset service providers to report to the country's financial intelligence unit on the prevention of money laundering.
Until now, crypto assets have not been regulated by Peruvian legislation, without even having a legal definition, although there is no law explicitly prohibiting the acquisition of crypto assets or transactions with them. Moreover, there is a "framework" law on the commercialization of crypto assets (Bill No. 1042-2021-CR), although it has not been put into effect before. The Office of Administrators of Banks, Insurance and Pension Funds (SBS) has already made statements stating that after the entry into force of the framework law, it will be SBS that will be responsible for the authorization and registration of companies engaged in the commercialization of cryptocurrencies.

According to Decree No. 006-2023-JUS, virtual Asset Service Providers (PSAV) are obligated entities subject to a special supervision regime carried out by SBS through the Financial Intelligence Department. PSAV refers to any natural or legal person residing or registered in Peru, including branches of foreign legal entities whose activities consist in carrying out one or more certain types of activities for or on behalf of another natural or legal person. These types of activities include: trading virtual assets with fiat or legal currency or other forms of virtual assets; transfer of virtual assets; storage or management of virtual assets; participation in new issues of virtual assets. Now such companies must appoint a person responsible for compliance with the law, implement a system to combat money laundering and provide reports on suspicious activity.

This is the first regulatory act in the country regulating the activities of virtual assets.

Link to source: https://www.echecopar.com.pe/publicaciones-amplian-lista-de-sujetos-obligados-a-informar-a-uif-peru....