PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
10.5 Regulation of Blockchain Asset Trading Platforms There is no specific regulation applicable to blockchain asset trading platforms, such as cryptocurrency exchanges. However, by means of Supreme Decree No 006-2023-JUS, pub - lished on 27 July 2023, Virtual Asset Service Providers (VASPs) (which would include crypto - currency exchanges) were incorporated as obli - gated subjects to report to the UIF-Peru for the purposes of preventing AML regulations. In terms of secondary market trading of block - chain assets, there is no specific regulation in Peru. The Peruvian government has not yet established any rules for the purchase, sale or exchange of cryptocurrencies through inter - mediaries or peer-to-peer. As such, individu - als engaging in secondary market trading of blockchain assets should be aware of the risks involved and take appropriate precautions. 10.6 Staking There is no specific regulation governing staking services for cryptocurrencies in Peru. 10.7 Crypto-Related Lending There is no explicit regulation on lending ser - vices related to cryptocurrencies in Peru. 10.8 Cryptocurrency Derivatives Currently, there is no specific regulation govern - ing the offering of cryptocurrency derivatives in Peru. 10.9 Decentralised Finance (DeFi) There are no specific regulations governing DeFi in Peru. 10.10Regulation of Funds Currently, there are no specific regulations in Peru on investment funds or collective invest -
ment schemes that invest in blockchain assets. In general terms, investment funds may invest in instruments, financial operations and other assets, in accordance with the provisions of their participation regulations and the contract signed with the respective participant. 10.11Virtual Currencies There is no specific definition applicable to vir - tual currencies in Peru. 10.12Non-Fungible Tokens (NFTs) NFTs and NFT platforms are not currently regu - lated in Peru. To date, there is no specific regulation on open banking or open finance in Peru. However, in March 2022, a bill to declare the implementa - tion of a policy that promotes the massification of open banking as a matter of national interest and public need was presented in the congress. During the consultation process for this bill, various institutions provided feedback. The SBS considered it important to implement an open finance model in the country, instead of just open banking, as it would be more beneficial for users of financial services in the long term. The BCRP, on the other hand, highlighted the potential benefits of open banking, including the empowerment of the end customer, promoting innovation and competition, potentially reduc - ing interest rates (by allowing the exchange of customer information between banks and oth - er agents), and expanding credit and financial inclusion. The banking sector, through ASBANC, welcomed the initiative, stating that it would promote greater access to financial services, 11. Open Banking 11.1 Regulation of Open Banking
638 CHAMBERS.COM
Powered by FlippingBook