Peru has submitted a bill to Congress that aims to provide a legal basis for cryptoassets.
Among the countries that are preparing a regulatory framework for cryptoassets, Peru has also joined. According to the document on the official website of the Peruvian legislature, the bill that will provide a legal framework for cryptoassets has been submitted to the Peruvian Congress. Officially “Framework Act for Commercialization of Crypto Assets”
The initiative, known as , was introduced by politician José Elías Ávalos.
Ávalos explained that the purpose of the bill is to regulate organizations that provide crypto-asset services such as Bitcoin trading platforms and digital wallets, among other things.
The bill also draws attention to the need to set operational standards for the activities of ecosystem-connected service providers and to notify the Financial Intelligence Unit of suspicious transactions. Additionally, crypto-related companies are required to be registered with the country’s Banking and Insurance Inspectorate.
Peru is one of the leading countries in the use of crypto assets. The country has seen a massive 600% increase in Bitcoin adoption in recent years.