Peru To Find Ways To Regulate National Crypto Industry
Peru To Find Ways To Regulate National Crypto Industry
October 30, 2020
Peru To Find Ways To Regulate National Crypto Industry
Peru To Find Ways To Regulate National Crypto Industry
October 30, 2020

A Peruvian regulator authority said that local crypto exchanges will keep on going despite the COVID-19 pandemic, as the country is looking to find ways to regulate the national crypto industry.

It has been reported by a local news outlet Gestion that Sergio Espinosa, the Superintendent of the Financial Intelligence Unit of Peru (UIF), pointed out the need to work out the policy behind cryptocurrencies in the country. 

He said:

“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.”

However, during his participation in the IV International Congress on Compliance and the Fight Against Corruption organized by the Word Compliance Association and the Lima Chamber of Commerce, Espinosa remarked on Peru’s lack of knowledge of the crypto sector, calling it uncharted territory.

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Espinosa further said that studies into local crypto exchanges began in August as part of the UIF activities to collect enough information to figure out future laws for the crypto sphere in Peru.

Likewise, the supervisor didn’t provide more details as to which exchanges were on the financial watchdog’s radar, as he commented that additional studies were added during September and most of the research will last 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.”

As per the report, Peruvian authorities have not established a clear position on cryptocurrencies, although the COVID-19 pandemic, as in many other countries, has fueled the development of blockchain technology in the nation.

Thus, a recent glimpse into Peruvian crypto regulation came from the Congress of the Republic of Peru, who promulgated a law on October 22 that establishes an electronic means of payment as a public necessity.

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Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.