The proposed bill to regulate cryptocurrencies in Peru was submitted by a congressman representing the “Podemos Peru” party. It does not consider cryptocurrencies as legal tender.
The parliamentarian José Elías Ávalos presented to the Peruvian Congress a bill aimed at laying the legal basis for the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market, which will now debate the plenary legislation to approve it.
The document, which can be seen on the official website of the Peruvian legislature covers several important facets of the country’s growing ecosystem. The project is formally known as “Framework Law for the Commercialization of Crypto-assets”.
As the project states, its aim is to “establish guidelines for the operation and functioning of crypto-asset exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. service companies through technological platforms”, based on free market principles and free competition”.
It is not legal tender
The draft also makes it clear that “cryptoassets are not considered legal tender”.
As can be seen, this is a very different draft legislation from that of El Salvador, the aim of which is to was to make Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. (and only from Bitcoin, not other cryptocurrencies) legal tender . That is not the purpose here, but rather to regulate a market that has grown substantially in the South American country. According to Finbold, cryptocurrency usage in Peru increased by more than 600% in the first six months of 2021 compared to the same period in 2020.
The project realizes that the purchase and sale of cryptoassets is the sole responsibility of the user and that they belong to the private sphere.
Let us look at Article 5:
Acquisition and free availability of cryptoassets and cryptocurrencies.
“The acquisition and use of cryptoassets and cryptocurrencies are the absolute responsibility of their buyers and owners who, based on free market an area or arena, online or offline, in which commercial dealings are conducted. principles and free competition, should endeavour to inform themselves of the
risks inherent in dealing in assets of any kind”.
“The financial use of cryptoassets and cryptocurrencies, their rules, value and other aspects of their own. belong to the private sphere of the users and are supervised by the Financial Intelligence Unit – FIU of the Superintendency of Banking and Insurance – SBS”.
He also states:
“ There is criminal liability in the acquisition and misuse of cryptoassets and cryptocurrencies.”
In addition, the bill draws attention to the need to establish operational standards for these activities, which may include the creation of a new public registry of service providers linked to the ecosystem. It also emphasizes the need to notify the Financial Intelligence Unit of “suspicious transactions” using Bitcoin or any other cryptocurrency.
The bill creates the Single Registry of Cryptoasset a cryptoasset is any digital asset that uses cryptographic technologies to maintain its operation as a currency or decentralized application. and Cryptocurrency Exchange Platforms. Thus, any firm that is associated with cryptocurrency must be registered by this entity.
The proposal also emphasizes cryptocurrency as a contribution option a contract giving the buyer the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price. for the incorporation of corporations, as well as an accounting treatment of these assets once they are recognized as such.
Finally, it is proposed the creation of a Multisectoral Commission to draft the regulations of the law, which will be composed of a representative of the Central Reserve Bank of Peru (BCRP), who will chair it, a representative of the Superintendence of the Securities Market (SMV), a representative of the Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS), a representative of the National Secretariat of Electronic Government and Informatics (ONGEI) and a representative of the private sector entities that offer the service of use and exchange of crypto-assets and cryptocurrencies.
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