Peru continues studies to establish regulation of crypto sector

29 Oct 2020

A regulator authority in Peru has affirmed that studies underway on local cryptocurrency exchanges will continue, despite the coronavirus crisis, as the country looks to regulate the national crypto industry.

According to a report from local news outlet Gestion, Superintendent of the Financial Intelligence Unit of Peru (UIF) Sergio Espinosa highlighted the need to clarify the policy behind crypto in Peru, something Espinosa called a “priority”.

He stated: “One of the topics that we have not stopped is a diagnosis — which is being done — of the presence and scope in Peru of so-called virtual assets, including Bitcoin and other virtual assets that are not currencies, but that exist, trade and circulate, so there is a need to put out regulation on the matter.”
During the IV International Congress on Compliance and the Fight Against Corruption organised by the Word Compliance Association and the Lima Chamber of Commerce, Espinosa talked about the lack of knowledge of the crypto sector in Peru, referring to it as uncharted territory, Cointelegraph reports.
Espinosa added that studies into local crypto exchanges got underway in August within activities carried out by the UIF to gather information to establish future crypto laws in Peru.
Furthermore, Espinosa said that additional studies began last month, with the majority of research lasting between 19 and 22 business days “from the preparation of the notification documents to the issuance of the final report on the results of the same.”
Authorities in Peru have not as yet set a clear stance on digital currencies. However, the coronavirus crisis has fuelled blockchain technology development in Peru.
Last week the Congress of the Republic of Peru announced a law establishing an electronic means of payment as a public necessity, Cointelegraph reports.