A new Bitcoin and cryptocurrency bill was introduced in Peru in December 2021. Peru seeks to regulate the cryptocurrency interactions that have already begun to develop in the country.
The bill, in addition to defining what crypto is and setting out the duties of virtual asset service providers (VASPs), also seeks to legalize the use of assets for inclusion and holding by companies.
The project, presented last December 10 by Jose Luis Elias Avalos, member of the parliamentary group "Podemos Peru", defines several key concepts in the cryptocurrency world, including crypto assets, virtual asset service providers (VASP), blockchain, and cryptography.
The law also proposes the creation of a public register for VASP, so that users can consult at any time to find out whether the exchange or platform is registered to do business on Peruvian soil.
In addition, it establishes the conditions that every VASP must follow in order to operate legally in the country.
The draft compels companies to inform, in their service contracts to users, that Peru does not consider cryptocurrencies as legal tender.
Peru is one of the Latin countries to have entered into cryptocurrency regulation, behind countries such as Brazil, Paraguay, Venezuela, and El Salvador. Even El Salvador has made Bitcoin a legal tender.