Peru and Uruguay have prepared a bill to regulate cryptocurrencies

The authorities plan to implement the bills in 2022

06.01.2022 - 12:30

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What’s new? The members of the Peruvian parliament have submitted a bill that proposes to create more opportunities for the commercialization of crypto assets. The bill aims to regulate the virtual asset service providers’ activities. This is reported by El Pais Financiero.

Information on the El Pais Financiero website

What is the essence of the document? The bill proposes to introduce the legal definitions for terms such as “crypto assets,” “cryptography” and “blockchain.” If the bill is passed, the exchanges and wallet operators have to register with the Superintendencia de Banca, Seguros y AFP. This is necessary for the financial regulator to monitor their activities.

What is going on in Uruguay? The country's Central Bank (BCU) has published a document that proposes to prepare the ground for the possible regulation. The document is called “Conceptual framework for the regulatory treatment of virtual assets in Uruguay” and was developed after consultation with the representatives of the traditional financial sector, as well as the virtual asset service providers and other experts.

The document’s authors write:

“Given the rapid development [...] virtual assets [...] both globally and domestically, [we] consider it necessary to give greater certainty and clarity about this phenomenon and its regulatory considerations. [Our] aim is to ensure the security of its development in the local market, as well as its use in the financial [sector].”

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