Peru -- Regulatory Status Regulatory Overview

Peru currently takes a cautious and evolving approach to cryptocurrency and virtual asset regulation, primarily characterized by warnings and indirect application of existing Anti-Money Laundering (AML) frameworks, rather than a comprehensive, dedicated crypto law. There is no outright ban, but also no specific comprehensive regulatory framework for crypto assets themselves or for Virtual Asset Service Providers (VASPs) beyond AML obligations.

Current Regulatory Status in Peru

1. Regulatory Approach: Partial/Evolving/Cautionary

Peru does not have a comprehensive legal framework specifically governing cryptocurrencies, their issuance, trading, or the operations of virtual asset service providers (VASPs). Instead, the approach is characterized by:

• Lack of Specific Regulation: No specific law for licensing or regulating crypto exchanges, initial coin offerings (ICOs), or other crypto-related activities.
• Risk Warnings: Financial regulators frequently issue warnings to the public about the inherent risks associated with virtual assets (volatility, scams, lack of consumer protection, money laundering risks).
• AML/CFT Focus: The most concrete regulatory activity is the application of Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) laws to entities dealing with virtual assets, driven by international standards (FATF recommendations).
• Legislative Discussions: There are ongoing efforts and discussions in the Peruvian Congress to develop a specific regulatory framework for virtual assets.

2. Primary Regulatory Bodies:

• Superintendencia de Banca, Seguros y AFP (SBS) - Superintendence of Banking, Insurance, and Pension Fund Administrators:

  • Role: The primary financial regulator in Peru. While not directly regulating crypto, the SBS has issued public warnings about the risks of virtual assets, emphasizing that they are not regulated financial products and do not fall under its supervisory scope for consumer protection or financial stability purposes.
  • Unidad de Inteligencia Financiera del Perú (UIF-Perú) - Financial Intelligence Unit of Peru: Operates within the SBS framework. The UIF-Perú is responsible for preventing and detecting money laundering and terrorist financing. It has taken the lead in interpreting existing AML laws to apply to virtual asset transactions and providers.
  • Website: SBS - Superintendencia de Banca, Seguros y AFP

• Banco Central de Reserva del Perú (BCRP) - Central Reserve Bank of Peru:

  • Role: The central bank of Peru. The BCRP has maintained a cautious stance, emphasizing the risks that cryptocurrencies pose to financial stability, consumer protection, and monetary sovereignty. It does not recognize cryptocurrencies as legal tender and has issued statements warning against their use.
  • Website: BCRP - Banco Central de Reserva del Perú

3. Key Legislation Names and Dates:

As of early 2024, there is no specific, comprehensive law in Peru dedicated to regulating cryptocurrencies or virtual assets. However, existing legislation is applied indirectly, particularly concerning AML/CFT:

• Ley N° 30076 – Ley de Fortalecimiento de la Lucha contra el Lavado de Activos y el Financiamiento del Terrorismo (Law N° 30076 – Law for the Strengthening of the Fight against Money Laundering and Terrorist Financing)

  • Date: August 2013 (with subsequent modifications).
  • Relevance: This is Peru's overarching AML/CFT law. While it doesn't explicitly name "virtual assets," the UIF-Perú interprets its scope to include activities involving virtual assets when conducted by "obligated entities" or in ways that mirror traditional financial services. Virtual Asset Service Providers (VASPs) are implicitly expected to comply with AML/CFT requirements through this general framework, particularly in the context of transactions that trigger suspicion.
  • No direct URL for the law, but can be found on official government legal databases.

• Resolution SBS N° 789-2018 – Reglamento de Gestión de Riesgos de Lavado de Activos y del Financiamiento del Terrorismo (Resolution SBS N° 789-2018 – Regulation for the Management of Money Laundering and Terrorist Financing Risks)

  • Date: February 2018 (with subsequent modifications).
  • Relevance: This resolution outlines the specific AML/CFT risk management procedures for various financial institutions supervised by the SBS. While not explicitly mentioning virtual assets, the UIF-Perú expects entities dealing with virtual assets to implement similar risk-based approaches and reporting obligations.
  • Reference: SBS Legal Norms Search (You would need to search for the specific resolution number here).

• Proposed Legislation (Ongoing):

  • Proyecto de Ley (Bill) N° 1084/2021-CR and subsequent proposals: There have been various legislative initiatives in the Peruvian Congress to create a specific legal framework for virtual assets. These proposals often aim to define virtual assets, regulate VASPs (including licensing requirements), establish consumer protection measures, and clarify tax implications. As of early 2024, none have been fully enacted into law. These proposals reflect a growing recognition of the need for specific regulation.
  • Reference: Information on proposed bills can typically be found on the Congreso de la República del Perú website by searching for "proyecto de ley activos virtuales" or "criptomonedas."

4. Current Stance on Crypto Trading and Exchanges:

• Trading is Not Illegal: Individuals and entities in Peru are generally permitted to buy, sell, and hold cryptocurrencies. There is no prohibition on engaging in crypto trading activities.
• Unregulated Exchanges: Cryptocurrency exchanges operating in Peru (both local and international) are largely unregulated as financial institutions. This means:
  • They do not typically hold specific licenses from the SBS or other financial authorities for crypto-related services.
  • There is no specific legal framework guaranteeing consumer protection (e.g., deposit insurance, dispute resolution mechanisms) for users of these platforms.
  • AML Obligations: Despite the lack of specific licensing, the UIF-Perú expects exchanges and other VASPs to comply with existing AML/CFT laws. This typically involves:
    • Know Your Customer (KYC): Implementing procedures to identify and verify the identity of their clients.
    • Customer Due Diligence (CDD): Conducting ongoing monitoring of transactions and reporting suspicious activities.
    • Reporting: Submitting Suspicious Transaction Reports (STRs) to the UIF-Perú when money laundering or terrorist financing is suspected.
• Risk Warnings: The SBS and BCRP frequently issue warnings to the public about the high risks associated with using unregulated platforms, including price volatility, cybersecurity risks, fraud, and the lack of legal recourse in case of losses.

In summary, while Peru has not banned cryptocurrencies, it maintains a watchful and cautious stance, relying on general AML/CFT frameworks for oversight and actively discussing future comprehensive legislation. Users and providers operate in an environment where specific regulatory clarity is still developing.