Peru Presents Draft Law’s related to Cryptocurrency

Synopsis

Peru presented a new draft regarding the cryptocurrency asset law. The draft aims to regulate cryptocurrency trading in the country. The draft law defines a crypto asset, duties of virtual assets service providers, and is looking to legalize the usage of the digital asset. 

First Attempt on Cryptocurrency regulation

In an attempt to regulate cryptocurrency interactions, Peru has introduced a new draft, “Cryptoasset Marketing framework”. The draft defines a lot of key concepts associated with the cryptocurrency ecosystem, like blockchain, virtual asset service provider (VASP), crypto assets, and cryptography. 

The draft also proposes that for VASP, a public registry should be created, for users to consult at any time. It also mentions the guidelines within which, VASP should operate in Peru.     

Crypto to Create Companies

The law illustrates that crypto assets could be used to create companies and provide a legal base that will allow organizations to hold crypto. The law states to record the value of the cryptocurrency at the time of the constitution of the company and if the crypto assets are being sold by the company they should be considered as inventory assets.  

Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.

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