A bill to provide a legal basis for the cryptocurrency field has been submitted to the Peruvian Congress, which will now debate plenary legislation to approve it.
The document, which can be consulted on the official website of the Peruvian legislature, covers various important facets of the growing crypto ecosystem in the country. In addition, the project, officially known as ” Framework law for the marketing of crypto-assets“, Was presented by the parliamentarian of the party”Podemos Perú», José Elías Ávalos.
According to the politician, the aim of the initiative is to provide a clear and precise regulatory framework for organizations that offer cryptocurrency services, such as bitcoin exchange platforms and digital wallets.
Peru’s crypto adoption on the rise
Peru has seen a huge increase in the adoption of the first cryptocurrency in recent years. Namely, the use of digital currencies in the country has increased by over 600% in one year.
According to the statistics disclosed by the Peruvian newspaperLa República, the crypto transaction volume in Peru increased by 613% in the first six months of 2021 compared to the same period in 2020.
However, it is important to note that the new measure, presented on December 20, which will likely be considered for approval, specifies that the purchase and use of cryptocurrencies “are the absolute responsibility of their buyers and owners“.
Legislation to establish operational standards in the industry
In addition, the bill draws particular attention to the need to establish operational standards for these activities. These may include the creation of a new public registry of service providers representing the crypto ecosystem.
The creators of the project also stress the need to inform the Financial Intelligence Service of “suspicious transactions”Involving bitcoin or any other cryptocurrency. Apart from this, any company associated with the first cryptocurrency should be registered with the Superintendency of Banking and Insurance of the South American country, in accordance with the terms of the laws of the country.
The proposal also emphasizes that cryptocurrency can serve as an option for the incorporation of public limited companies, as well as the accounting treatment of these assets once they are recognized.
Finally, the introduction of a new bill to regulate the market could stimulate massive adoption of cryptocurrency, especially among those who cautiously wait for a framework that provides them with security and confidence before investing.
Peru plans to finally create a clear legal framework for the cryptosphere. At the moment, this is not a restriction (for example in South Korea), but measures allowing the digital currency to perform the precise functions, indicated in the bill which is awaiting its time to be considered in the country’s Congress.
Receive a summary of the news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss out on Cointribune essentials!
If cryptocurrencies are synonymous with financial freedom, then they must play a key role in the financial empowerment of women. With the right education, crypto can be a powerful tool in fighting the battle against gender inequalities.