Peru presents a bill to regulate bitcoin and other cryptocurrencies

Key facts:
  • The proposal establishes that the use of cryptocurrencies “is the absolute responsibility of their buyers.”

  • The project highlights bitcoin as a contribution option to establish public limited companies.

Another Latin American country advances in the regulation of Bitcoin (BTC) and the rest of the cryptocurrencies. A bill that seeks to provide a legal framework for the market was introduced in the Peruvian Congress, which will now have to discuss the legislation in plenary for possible approval.

The document, strung up On the official page of the Peruvian legislature, it highlights several aspects for the emerging ecosystem. The project, officially called “Framework Law for the commercialization of crypto assets” was presented by the MP José Elías Avalos, of the party Podemos Peru.

According to the politician, The proposed law intends to regulate virtual asset service providerssuch as Bitcoin exchanges and digital wallets.

The bill was introduced in Congress in December / Source: Land Portal.

Absolute responsibility of buyers and owners

As has been reviewed in this medium, Peru is a country where bitcoin adoption has increased significantly. In September, we reported that the use of cryptocurrencies in that nation grew more than 600% in one year.

According to the information published by the Peruvian media La República, the volume of transactions with crypto assets in Peru rose by 613% in the first six months of 2021, compared to 2020.

In this context, the new bill, introduced on December 20 and expected to be discussed for approval, establishes that the acquisition and use of cryptocurrencies “are the absolute responsibility of their buyers and owners.”

Advertising

CoinEx 970×250

It also highlights the establishment of requirements for these operations, that contemplate the need for a new public registry of providers of services linked to the ecosystem.

They also highlight the obligation to report “suspicious operations” made with bitcoin or any cryptocurrency to the Financial Intelligence Unit. In addition, any company related to BTC must be registered with the Superintendency of Banking and Insurance of the South American country, in accordance with the provisions of the law.

Among other things to highlight, the proposal highlights cryptocurrencies as a contribution option to establish public limited companies (SA.), in addition to an accounting treatment of these assets, once they are recognized as companies of this type.

MicrosoftTeams image 50
Peru would approve a regulatory framework for the first cryptocurrency and the rest of the ecosystem / Source: Pixabay.

Bitcoin, dominant in Peru

The incursion of Bitcoin in Peru has been so much that this newspaper reviewed, in May 2021, a study which realized that the most used cryptocurrency in that country is BTC.

The research, which took place between March and April 2021, indicated that More than 60% of the USD 5 million moved in operations with cryptocurrencies corresponded to BTC.

The arrival of the new law proposal to regulate the market may lead to massive adoption, especially by those who, cautious, They wait for a framework that gives them security and confidence before investing.

This legislative proposal is presented a few days after a deputy of the Congress of Panama too raise a bill to regulate Bitcoin, a fact reported by CriptoNoticias.

Gabriel Silva, who presented the project, said on his Twitter account that the first objective of the Panamanian law “is quite simple and seeks as a first point to give certainty and legal security in Panama to crypto assets, such as cryptocurrencies.”

We would love to give thanks to the writer of this post for this outstanding web content

Peru presents a bill to regulate bitcoin and other cryptocurrencies

Dispensary Business News