The new decree is an important step for the Peruvian government to regulate the cryptocurrency ecosystem and prevent the use of digital assets for criminal purposes. As part of the decree, both natural and legal persons dealing with cryptocurrencies in Peru must provide information about their transactions to the Financial Intelligence Agency (UIF). The agency will receive, analyze and transmit information on money laundering and terrorist financing activities through cryptocurrencies.
The decree became effective immediately after the president signed it. UIF will soon issue additional guidance and recommendations for cryptocurrency industry participants and digital asset service providers.
However, the Association of Blockchain and Distributed Ledger of Peru (ABPE) criticized the decree. Representatives of the organization stressed that the country’s authorities had not discussed the new regulatory rules with industry participants. ABPE urged Congress to engage in a dialog with the cryptocurrency industry to cover all aspects of the industry in regulation.
Peru’s Central Bank is considering issuing a digital state currency, and in April the regulator submitted a report on the potential of digital soles.
At the same time, Peru’s Central Bank is considering issuing a digital state currency.