The proposal states that the use of cryptocurrencies “is the absolute responsibility of their buyers.” The project highlights bitcoin as a contribution option to set up public limited companies.
Another Latin American country moves forward in Bitcoin’s regulations and the rest of the cryptocurrencies. A bill that intends to bring a legal framework for the market got introduced in Peru’s Congress, which will now have to start a debate for the legislation in plenary for possible approval.
The bill, launched on the official website of the Peruvian legislature, highlights many aspects of the emerging ecosystem. The project officially called Framework Law for crypto-assets commercialization got presented by the parliamentarian José Elías Ávalos, an active member of the Podemos Peru party.
According to the representative, the proposed bill intends to regulate companies that provide services for virtual assets, such as Bitcoin exchanges and digital wallets.
Absolute Responsibility of Buyers and Owners
Peru is a nation where the adoption of bitcoin has increased considerably. In September, various media outlets reported that cryptocurrencies in that nation grew more than 600% in just one year. According to information revealed by La República, the volume of transactions with crypto assets in Peru increased at least 613% in the first six months of 2021, compared to 2020.
In this context, the new law, introduced on December 20 and expected to face a discussion for approval, establishes that the acquisition and use of cryptocurrencies are the responsibility of their buyers and owners. The bill also presents the establishment of specific requirements for these operations, which show the need for a new public registry of service providers connected to the ecosystem.
The bill aims at the obligation to report “suspicious operations” made with bitcoin or any cryptocurrency to the Financial Intelligence Unit. Every company linked to bitcoin must get registered with the Superintendency of Banking and Insurance of the South American country, according to the provisions of the law.
Among other things to highlight, the proposal highlights cryptocurrencies as a contribution option to establish joint-stock companies (S.A.), also considering the accounting treatment of these assets, once they get recognized as companies of that type.
Bitcoin, More and more Dominant in Peru
The introduction of Bitcoin in Peru has been so relevant that, in May 2021, a study revealed that the most used cryptocurrency in that country is BTC.
The research, which took effect between March and April 2021, highlighted that more than 60% of the USD 5 million moved in operations with cryptocurrencies came from BTC. The arrival of the new bill to regulate the market may lead to massive adoption, especially by those who, cautiously, wait for a framework that brings theme enough security and confidence before investing.
This legislative proposal came to light a few days after a deputy of the Congress of Panama also raised a bill to regulate Bitcoin. Gabriel Silva, who started the project, stated on his Twitter account that the first goal of the Panamanian law is quite simple and intends to bring more legal security in Panama to crypto assets.
By: Jenson Nuñez
