Bitcoin

Peru is studying cryptocurrency exchanges to determine its future regulatory laws

A Peruvian regulator said on Oct. 26e that the studies currently being carried out on national cryptocurrency exchanges will continue despite the COVID-19 pandemic, as the country is looking for ways to regulate the national crypto industry.

according to the local newspaper management, the superintendent of Peruvian Financial Intelligence Unit (UIF), Sergio Espinosa, pointed out the need to develop the policy to regulate cryptocurrencies in the country. Espinosa described it as “Priority”:

“One of the issues that we haven’t stopped on is a diagnosis that is currently being made regarding the presence and extent of what are known as virtual assets (cryptocurrencies) in Peru, which include bitcoin and other virtual assets that are are not proper currencies. but they exist, act, and circulate, so it is necessary to issue an ordinance on this matter. “

During your participation in the IV. International Congress on Compliance and Anti-Corruption, organized by the Word Compliance Association and the Lima Chamber of Commerce, Espinosa highlighted the lack of knowledge of the cryptocurrency sector in Peru and called it virgin territory.

Peru is studying cryptocurrency exchanges to determine its future regulatory laws
Peru is studying cryptocurrency exchanges to determine its future regulatory laws

Espinosa went on to say that studies on local cryptocurrency exchanges began in August as part of the activities of the FIU in order to gather enough information to work out future laws on cryptosphere in Peru.

Though the superintendent didn’t set out which exchanges were on the Treasury’s radar, he noted that additional studies were added in September and that most of the investigation will take between 19 and 22 business days. “from the preparation of the notification documents to the publication of the final report on its results”.

Peruvian authorities have not defined a clear position on cryptocurrencies, Although, as in many other countries, the COVID-19 pandemic has driven blockchain technology in the nation.

An up-to-date look at cryptocurrency regulation in Peru came from the Congress of the Republic of Peru, the enacted a law on October 22nd making electronic payment a public necessity.

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