Centralized exchange in Peru
Order-book exchange that takes custody of user assets and matches trades between users.
CEX is conditionally permitted in Peru with a local entity, subject to AML obligations and low licensing burden.
Verdict Details
- Permitted
- conditional
- Local entity required
- Yes
- Licensing burden
- Low
- Last updated
- 2026-07-13
AML Obligations
- Register as a regular company under general commercial law in Peru.
- Implement an AML/CFT compliance program under Resolución SBS N° 893-2019, which designates VASPs as obliged entities.
- Appoint a compliance officer.
- Perform Customer Due Diligence (CDD): identify and verify identity of individuals (national ID, passport) and legal entities (incorporation documents, directors, beneficial ownership).
- Identify and verify beneficial ownership of customers.
- Understand the purpose and intended nature of the business relationship.
- Perform ongoing transaction monitoring for unusual or suspicious patterns.
- Conduct Enhanced Due Diligence (EDD) for higher-risk customers, including PEPs, customers from high-risk jurisdictions, transactions involving significant amounts of virtual assets, and transactions with unusual patterns.
- Report Suspicious Transactions (ROS) to the UIF-Perú.
- Maintain records of transactions and customer data.
- Conduct a comprehensive AML/CTF risk assessment.
- Establish internal policies, procedures, and AML training programs.
- Comply with FATF Recommendation 15 on VASP regulation, as Peru is a GAFILAT member.
- Simplified CDD permitted in lower-risk situations if risk is demonstrably low.
Key Restrictions
- No specific crypto exchange, custody, or payment processor license exists — operators register only under general company law.
- If the exchange offers services that could be interpreted as financial intermediation or money transmission (e.g., fiat-to-crypto conversion), it risks being required to comply with financial regulation and potentially obtaining an Electronic Money Issuing Company (EEDE) license from the SBS.
- If custody services evolve to offer interest-bearing accounts, lending, or other financial products, they could attract SBS scrutiny and require traditional financial licenses.
- If fiat-to-crypto or crypto-to-fiat payment services resemble traditional payment services, an EEDE license may be required.
- No specific capital requirements for VASPs — only general company formation capital applies, unless the operator is deemed a traditional financial institution (in which case SBS-mandated capital requirements apply).
Key Risks
- Regulatory ambiguity: no dedicated VASP law exists, creating uncertainty about how supervision is enforced in practice.
- Risk of reclassification: an exchange facilitating fiat on/off-ramps could be retroactively deemed a financial intermediary or money transmitter, triggering SBS oversight and significant capital requirements.
- Thin enforcement track record — limited precedent on how the UIF-Perú or SBS treats unlicensed VASPs.
- Travel rule obligations are not explicitly addressed in the provided facts; unclear how FATF Recommendation 16 (travel rule) is enforced for VASPs in Peru.
- PEP screening and EDD obligations can be operationally intensive with limited regulatory guidance tailored to crypto.
Evidence
This verdict synthesizes the following facts. Each fact links to its primary source(s).
No specific Licensing Regime for VASPs: There is no dedicated law requiring crypto exchanges, custody providers, or crypto-focused payment processors to obtain a specific "virtual asset license" from a regulatory body like the Superintendencia de Banca, Seguros y AFP (SBS) or the Banco Central de Reserva del Perú (BCRP).
No specific crypto exchange license is required.
They typically operate under general commercial law, registering as a regular company in Peru.
However, if an exchange facilitates fiat-to-crypto or crypto-to-fiat conversions, or offers services that could be interpreted as financial intermediation or money transmission under existing laws, there's a risk they might be expected to comply with some aspects of financial regulation, particularly AML/CTF.
If custody services evolve to offer interest-bearing accounts, lending, or other financial products using virtual assets, they could potentially attract scrutiny from the SBS and might be deemed to require traditional financial licenses.
If they facilitate crypto-to-fiat or fiat-to-crypto payments, or if their services resemble traditional payment services (e.g., money transfers in fiat), they might be subject to the regulations applicable to Electronic Money Issuing Companies (Empresas Emisoras de Dinero Electrónico - EEDEs) or other payment service providers, which are regulated by the SBS. However, the direct application to pure-play crypto firms is often unclear.
No specific capital requirements for VASPs. General company formation capital requirements apply based on the chosen legal entity type (e.g., S.A.C., S.A.A.).
AML/KYC (Anti-Money Laundering/Know Your Customer): This is the most relevant area.
Resolución SBS N° 893-2019 (and its preceding/subsequent modifications):
What it means for VASPs: VASPs are now required to implement an AML/CFT compliance program, appoint a compliance officer, and report to the UIF-Perú.
FATF Recommendations: As a member of the Financial Action Task Force of Latin America (GAFILAT/FATF-LAC), Peru is committed to implementing the FATF Recommendations. FATF Recommendation 15 specifically calls for countries to regulate and supervise VASPs for AML/CFT purposes, and to apply the FATF standards to them. Peru's regulatory moves reflect this commitment.
Beneficial Ownership: Identify and verify the natural person(s) who ultimately own or control the customer, or on whose behalf a transaction is being conducted.
Ongoing Monitoring: Continuously monitor the business relationship and transactions to ensure they are consistent with the VASP's knowledge of the customer, their business, and risk profile. This includes monitoring for unusual or suspicious transaction patterns.
Enhanced Due Diligence (EDD): Required for higher-risk customers, business relationships, or transactions. This includes:
Evidence fact pe.aml.reporting-suspicious-transactions-ros-reporting not found (may have been renamed).
Verdict Attribution
- Source:
- AI-Generated · Unreviewed
- AI synthesized:
- 2026-07-13 (deepseek-chat)
- Last updated:
- 2026-07-13
- Confidence:
- medium
This verdict was produced by an AI model from the underlying facts. Confirm with counsel before relying on it for material decisions.
Conditional — a centralized exchange can operate in Peru under general company law with no dedicated VASP license, but must register as a Peruvian company, implement a comprehensive AML/CFT program under Resolución SBS N° 893-2019 as an obliged entity reporting to the UIF-Perú, and faces risk of reclassification as a financial intermediary if it handles fiat on/off-ramps.
Questions this verdict aims to answer
- What exchange / VASP license applies?
- What custody segregation rules apply to user assets?
- What market-conduct and listing rules apply?
- What travel-rule obligations apply on withdrawals?