Peru Proposes a Bill to Regulate Bitcoin (BTC) and Other Cryptos

The Peruvian Congress has received a bill that aims at providing a legal foundation for the crypto market. It will be debated subsequently for approval.

The document, published on the official website of the Peruvian legislation, covers various important facets of the country’s growing ecosystem.

Read Also: Chinese Bitcoin Miners Still Working Despite Ban. Here’s How They Evade Detection

Purpose of the Bill

The bill, which is formally known as the “Framework Law for the Commercialization of Cryptoassets,” was introduced by Podemos Peru parliamentarian José Elías Ávalos.

According to José Elías Ávalos, the bill aims to regulate organizations that provide crypto services, such as Bitcoin exchanges and digital wallets, among others.

Additionally, the bill calls attention to the need to set operational standards for these activities, which may include the creation of a new public register of ecosystem-linked service providers.

They also emphasize the need to notify the Financial Intelligence Unit of “suspicious transactions” using bitcoin or any other cryptocurrency. Aside from that, any firm that is associated with BTC must be registered with the South American country’s Superintendency of Banking and Insurance, in compliance with the terms of the country’s legislation.

Read Also: Real Vision CEO Raoul Pal Betting on Bitcoin (BTC), Ethereum (ETH), and Nine Other Altcoins

The proposal also emphasizes cryptocurrency as a contribution option for incorporating public limited corporations, as well as an accounting treatment of these assets once they are recognized as such.

Finally, the introduction of a new bill to regulate the market has the potential to spur widespread adoption, particularly among those who are waiting cautiously for a framework that provides them with security and trust before investing.

Follow us on Twitter, Facebook, and Telegram