PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
public procurement processes and property registration. It is worth mentioning that the PERÚ COMPRAS (Peru’s public procurement central) implemented the registration of digital purchase orders on a blockchain. Through the tokenisation of pur - chase orders, PERÚ COMPRAS aimed to ensure transparency and fight corruption in public pro - curement. The topic of the application of blockchain tech - nology in property registration was explored during the Annual Congress of Registry Law. This event, organised by SUNARP (the National Superintendence of Public Registries), serves as an academic platform aiming to foster research, reflection, analysis and the exchange of knowl - edge and experiences within the realm of regis - try practices. In addition, the government has chosen to launch initiatives like Cadena, which concentrates on the authorised economic operator certificates’ exchange, with the aim of validating procure - ment orders and tendering documents from Peru Compras and the OSCE ( Organismo Supervisor de las Contrataciones del Estado , which is the supervisory body for state contracting). Peru has participated in regional discussions and initiatives around blockchain technology and its potential applications. Also, Peru participates in the Ministerial Conference on the Information Society in Latin America and the Caribbean, in which the Digital Agenda for Latin America and the Caribbean (eLAC) are approved, which includes areas of action such as the adoption of emerging technologies and digital transforma - tion.
In addition, various private sector players in Peru have been experimenting with blockchain technology in different industries, such as agri - culture, supply chain management and energy. These initiatives might prompt regulatory author - ities to consider formulating specific regulations for blockchain in the future. 10.3 Classification of Blockchain Assets Peru has no specific regulation that explicitly classifies blockchain assets as regulated finan - cial instruments. However, the SMV has issued press releases warning the public about the potential risks associated with acquiring virtual currencies, cryptocurrencies or tokens, which do not have the backing of any government entity or financial supervisor. The SMV cautions about the potential risks associated with these assets’ massive offering and promotion, including expo - sure to fraud and scams, possible use in financ - ing illegal activities like money laundering and terrorism financing, and the high volatility and speculative nature of their prices. To safeguard the interests of investors, the SMV urges the public to adequately inform them - selves before investing in these assets, mainly when transactions are carried out through vari - ous electronic or digital communication chan - nels, such as websites, emails, instant messag - ing services, social networks, and other mass communication channels. The SMV also empha - sises the importance of caution and protection for investors, especially when acquiring financial instruments associated with these assets. 10.4 Regulation of “Issuers” of Blockchain Assets There is no specific regulation applicable to issu - ers of blockchain assets. See 10.5 Regulation of Blockchain Asset Trading Platforms .
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