Peru is looking to open its arms to a more detailed crypto adoption. However, this comes with a hint of caution. At press time, Peru is opening itself up to a detailed adoption of crypto but still has not recognised crypto as legal tender. This duality has created an interesting situation.
At press time, the Peru government had not banned any crypto activities. Individuals and businesses can participate in crypto-related activities. However, the overall clarity of the landscape is still questionable. In other words, regulatory confusion riddles the landscape.
Four regulatory bodies primarily monitor Peru’s crypto landscape. These include:
- Superintendency of Banking, Insurance, and AFPs: SBS supervises different financial institutions and other AMLs.
- Central Reserve Bank of Peru: This institution determines the country’s monetary policies.
- Superintendency of Securities Market: This body supervises the securities and regulations of the financial landscape of Peru.
- SUNAT: This organization is primarily responsible for the effective collection of taxes.
Peru’s Crypto Policy
Peru’s crypto policy still legalizes private transactions of crypto assets. However, crypto is not recognised as legal tender. This means vendors can use crypto to settle payments. However, it is not regulated, and this poses a major challenge.
Secondly, the state has not formulated any specialized regulations regarding crypto mining. Miners do not need licenses to mine crypto, and the state can monitor large-scale mining operations.
In 2024, BCRP of Peru created a specialized organization called the CBDC. This organization aims to foster financial inclusion through digital assets. However, this organization is still in its infancy and requires a more detailed SOP.
