Peru -- Stablecoin Regulations Regulatory Overview

Peru's regulatory framework for stablecoins, much like for cryptocurrencies in general, is still in its nascent stages and largely fragmented. There isn't a comprehensive, specific law dedicated solely to stablecoins. Instead, certain aspects are touched upon by existing financial legislation, particularly concerning anti-money laundering (AML) and the broader financial system stability, with the Banco Central de Reserva del Perú (BCRP) and the Superintendencia de Banca, Seguros y AFP (SBS) being the primary supervisory bodies.

Here's a breakdown:

1. Classification of Stablecoins

• No Specific Legal Classification: Currently, Peru does not have a specific legal classification for stablecoins as e-money, payment tokens, or securities.
• E-money/Payment Tokens:
  • Peru has a Ley de Dinero Electrónico (Law No. 29985) and its regulations (Decreto Supremo No. 003-2015-EF) which govern electronic money. However, stablecoins are generally not classified as e-money under this law because e-money in Peru typically refers to a monetary value represented by an electronic claim on a regulated financial entity (like a bank or an e-money issuer licensed by the SBS), denominated in Peruvian Soles (PEN), and redeemable at par. Most stablecoins are issued by foreign entities and are not subject to Peruvian e-money issuer licensing requirements.
  • While they function as payment tokens, they lack formal designation as such under Peruvian law.
• Securities: The Superintendencia del Mercado de Valores (SMV) could potentially classify certain stablecoins as securities if they meet the definition of an investment contract or other financial instruments under the Ley del Mercado de Valores (Law No. 30050). However, there has been no specific ruling or guidance from the SMV classifying stablecoins as securities to date.

2. Reserve Requirements, Issuer Licensing, and Redemption Rights

• No Specific Framework for Stablecoins: Since there's no specific classification or dedicated stablecoin law, there are no specific reserve requirements, issuer licensing mandates, or guaranteed redemption rights directly applicable to stablecoin issuers as stablecoin issuers under Peruvian law.
• E-money Issuer Requirements (If Applicable): If an entity were to issue a stablecoin denominated in PEN and operate as a licensed electronic money issuer under Law No. 29985, then it would be subject to:
  • Issuer Licensing: Obtain authorization from the SBS.
  • Reserve Requirements: Hold an equivalent amount of funds in a segregated account at a financial institution to back the e-money.
  • Redemption Rights: Ensure users can redeem their e-money for fiat at par.
  • However, as mentioned, this framework does not generally apply to most existing stablecoins, which are typically issued by entities outside Peruvian jurisdiction and are not licensed e-money issuers in Peru.

3. Algorithmic Stablecoin Rules

• No Specific Rules: Peru does not have any specific rules or regulations for algorithmic stablecoins. Given the general lack of a comprehensive stablecoin framework, algorithmic models fall under the same "unregulated" umbrella concerning their specific mechanics and risks.

4. CBDC Interaction

• BCRP Exploration: The Banco Central de Reserva del Perú (BCRP) has been actively studying the feasibility and implications of issuing its own Central Bank Digital Currency (CBDC).
  • Project Mariana: The BCRP participated in "Project Mariana," a joint experiment with the Bank for International Settlements (BIS) and other central banks (Bank of France, Monetary Authority of Singapore, Swiss National Bank) to explore the cross-border wholesale CBDC use. This indicates a serious interest in digital currencies.
  • Status: As of now, the BCRP is in the research and evaluation phase and has not announced a timeline for launching a CBDC.
  • Interaction with Stablecoins: The potential introduction of a Peruvian CBDC could significantly impact the stablecoin landscape by providing a state-backed, regulated digital alternative to private stablecoins. While a CBDC could offer benefits in terms of financial stability and payment efficiency, the BCRP has not yet established how a CBDC would directly interact with or regulate private stablecoins.

5. Key Regulatory Overlap: AML/CFT

While a direct stablecoin framework is absent, the most significant regulatory development impacting stablecoins (and all cryptocurrencies) in Peru is related to Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).

• SBS Resolution No. 3319-2023 (formerly Resolution No. 789-2018): This is the crucial piece of legislation. The SBS, through its Reglamento para la Prevención y Gestión de los Riesgos de Lavado de Activos y del Financiamiento del Terrorismo aplicable a los sujetos obligados bajo supervisión de la SBS (Regulation for the Prevention and Management of Money Laundering and Terrorism Financing Risks applicable to obligated entities under SBS supervision), includes Virtual Asset Service Providers (VASPs) as obligated entities.
  • Virtual Asset Service Providers (VASPs) are defined broadly to include entities that conduct activities such as exchange between virtual assets and fiat currencies, exchange between one or more forms of virtual assets, transfer of virtual assets, safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets, and participation in and provision of financial services related to an issuer's offer and/or sale of a virtual asset.
  • This means that cryptocurrency exchanges, wallet providers, and other platforms that deal with virtual assets, including stablecoins, are required to implement Know Your Customer (KYC) procedures, report suspicious transactions to the Unidad de Inteligencia Financiera del Perú (UIF-Perú), and comply with other AML/CFT obligations.
  • Regulatory Reference: Resolución SBS N° 3319-2023.
    • URL: https://www.sbs.gob.pe/Portals/0/JER/normas/RM3319-2023.pdf (This document repeals and replaces previous AML/CFT regulations, including Resolution N° 789-2018, and explicitly incorporates VASPs.)

General Regulatory Stance and Warnings

The BCRP has consistently issued warnings to the public about the risks associated with cryptocurrencies, including stablecoins, due to their volatility, lack of regulation, potential for illicit activities, and absence of legal tender status. These warnings emphasize that users are not protected by typical financial consumer protection mechanisms.

In summary, while Peru has no specific regulatory framework for stablecoins, their use by platforms (VASPs) is subject to robust AML/CFT requirements overseen by the SBS. The BCRP is actively exploring a CBDC, which could significantly influence future digital asset regulation, but specific rules for stablecoins regarding classification, reserves, licensing, and redemption remain absent.