Presentation of a bill on cryptocurrencies in Peru

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Investing.com – Peru has introduced a cryptocurrency asset bill with the aim of regulating cryptocurrency exchanges. The bill, in addition to defining what a crypto asset is and establishing the duties of virtual asset service providers (VASPs), also seeks to legalize the use of assets to constitute and be held by companies.

First attempt to regulate cryptocurrencies in Peru

The new bill titled “Cryptoasset Marketing Framework” defines several key concepts in the world of cryptocurrencies, including cryptoassets, virtual asset service providers (VASPs), blockchain, and crypto.

The law also proposes the creation of a public register of VASPs, which users can consult at any time to find out if a stock exchange or platform is registered and regulated in the country. In addition, it establishes the conditions that each VASP must meet to operate legally in the country.

Cryptocurrencies on the Rise in Latin America

Peru is thus jumping on the cryptocurrency regulatory bandwagon, behind countries like Brazil, Paraguay, Venezuela and El Salvador, which are working on, or have already established, specific cryptocurrency laws.

However, the draft does not consider the as legal tender, unlike El Salvador’s “bitcoin law”.

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