With the usage of cryptocurrencies in Peru increasing by more than 600% in a year, a bill is before the Peruvian Congress for debate. The Bill, “Framework Law for the Commercialization of Cryptoassets”, covers some very important facets of the country’s surging crypto market.
Jose Elias Avalos, the Peru parliamentarian, says the bill will regulate organizations that provide cryptocurrency services, including digital wallets and bitcoin exchanges, among others. It will focus on the need to set operational standards for these activities and more, including the need for a new public register of ecosystem-linked service providers.
The bill highlights the need to appraise the Financial Intelligence Unit of suspicious transactions using cryptocurrencies. It says firms associated with bitcoin must be registered with Peru’s Superintendency of Banking and Insurance. This will be in accordance with the terms of the South American country’s legislation. The proposal calls to explore cryptocurrency as a contribution option for incorporating public limited corporations.
Moreover, the bill can be a stepping stone to spur the widespread adoption of cryptocurrencies. This will be welcomed by those who have been waiting for legislation to provide them with security and safeguard their interests, investment choices. Peru is also working to introduce its own CBDC.
In 2021, Panama introduced a bill – making the Central American country compatible with the digital economy, blockchain and crypto-assets. It proposed the use of cryptocurrency as a means of payment for any civil or commercial operation not prohibited by the legal system.
