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Executive Summary

In Peru, retail cryptocurrency trading is permitted but operates within an 'Allowed-UnRegulated' environment as of early 2025, lacking a specific, comprehensive regulatory framework. While Virtual Asset Service Providers (VASPs) are subject to Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) regulations under Supreme Decree No. 006-2023-JUS and SBS Resolution No. 02648-2024, these rules do not constitute a licensing regime or prudential supervision. The primary regulators—the Central Reserve Bank of Peru (BCRP), the Superintendency of Banking, Insurance, and Private Pension Fund Administrators (SBS), and the Superintendency of the Securities Market (SMV)—have issued warnings about risks and clarified they do not supervise crypto assets beyond AML compliance. A proposed 'Framework Law for the Commercialization of Cryptoassets' (Bill No. 1042-2021-CR) remains unenacted, leaving the market without specific operational oversight, consumer protection, or formal licensing for exchanges.

Key Pillars

- Primary regulators: Central Reserve Bank of Peru (BCRP), the Superintendency of Banking, Insurance, and Private Pension Fund Administrators (SBS), and the Superintendency of the Securities Market (SMV).
- AML/CFT supervision: The Financial Intelligence Unit (UIF-Peru) is the primary AML/CFT supervisor for Virtual Asset Service Providers (VASPs).
- Core compliance requirements: VASPs must implement a System for the Prevention of Money Laundering and Terrorism Financing (SPLAFT), including customer due diligence (KYC), risk management, appointing a compliance officer, and reporting suspicious transactions to the UIF-Peru.
- Registration: VASPs are required to register with the UIF-Peru for AML/CFT purposes only; this does not constitute a prudential license or comprehensive authorization to operate.
- Licensing: No specific licensing or registration requirements for crypto exchanges or VASPs beyond AML/CFT regulations.
- Travel Rule: The requirement to transmit originator and beneficiary information for virtual asset transfers is legally adopted but its enforcement is deferred until August 2026.

Landmark Laws

Considerations

Notes

Detailed Content

Detailed Explanation

In Peru, retail cryptocurrency trading is permitted but operates within an 'Allowed-Unregulated' environment as of early 2025, lacking a specific, comprehensive regulatory framework. The legal landscape is characterized by the absence of a formal licensing regime for Virtual Asset Service Providers (VASPs), such as exchanges, and no prudential supervision of crypto assets themselves. The primary financial authorities—the Central Reserve Bank of Peru (BCRP), the Superintendency of Banking, Insurance, and Private Pension Fund Administrators (SBS), and the Superintendency of the Securities Market (SMV)—have consistently issued public warnings about the risks associated with crypto assets, clarifying that they do not supervise these assets beyond Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) compliance. This leaves the market without specific operational oversight or formal consumer protection mechanisms. The Peruvian legislation does not expressly prohibit the acquisition of or transactions with cryptoassets, allowing their use by individuals as long as such activities do not contravene public order or existing mandatory regulations. Cryptoassets are not recognized as legal tender in Peru, and profits from trading are considered taxable income by SUNAT, though specific tax guidance is lacking. Furthermore, Peruvian banks are often risk-averse towards crypto businesses, creating practical challenges for banking access despite the absence of an official prohibition. The regulatory framework for cryptocurrency activity in Peru is currently defined almost exclusively by AML/CFT obligations. This framework was established by Supreme Decree No. 006-2023-JUS, enacted on July 27, 2023, which designated VASPs as entities obligated to report to the Financial Intelligence Unit (UIF-Peru) and implement prevention systems. These requirements were further detailed in SBS Resolution No. 02648-2024, enacted on August 1, 2024, which mandates that VASPs implement a System for the Prevention of Money Laundering and Terrorism Financing (SPLAFT). This includes performing customer due diligence (KYC), establishing risk management protocols, appointing a compliance officer, and reporting suspicious transactions to the UIF-Peru. VASPs are also required to register with the UIF-Peru for AML/CFT purposes; however, this registration does not constitute a prudential license or a comprehensive authorization to operate. A key component of the AML framework, the FATF 'Travel Rule' requiring the transmission of originator and beneficiary information for virtual asset transfers, has been legally adopted but its enforcement is deferred until August 2026. A significant legislative proposal, the 'Framework Law for the Commercialization of Cryptoassets' (Bill No. 1042-2021-CR), aims to establish a more formal regulatory structure, potentially including registration requirements for VASPs supervised by the SBS. However, as of early 2025, this bill remains unenacted, perpetuating the current state of allowed but largely unregulated market activity where the mandatory AML registration for VASPs does not provide the same level of consumer protection or prudential supervision as a traditional financial license.

Bullet Points

**I. Regulatory Status**
*   Retail cryptocurrency trading is *Allowed-Unregulated* as of early 2025.
*   There is no specific, comprehensive regulatory framework or licensing regime for crypto exchanges or Virtual Asset Service Providers (VASPs).
*   The market operates in a legal vacuum where use is permitted provided it does not contravene public order or existing mandatory regulations.
*   Cryptoassets are *not recognized as legal tender*.

**II. Key Regulatory Bodies**
*   **Primary Financial Authorities (Issue warnings, no prudential supervision):**
    *   Central Reserve Bank of Peru (BCRP)
    *   Superintendency of Banking, Insurance, and Private Pension Fund Administrators (SBS)
    *   Superintendency of the Securities Market (SMV)
*   **AML/CFT Supervisor:**
    *   Financial Intelligence Unit (UIF-Peru) - the primary AML/CFT supervisor for VASPs.

**III. Important Legislation**
*   **Supreme Decree No. 006-2023-JUS (enacted 2023-07-27):** Designated VASPs as obligated entities for AML/CFT purposes, requiring them to report to the UIF-Peru.
*   **SBS Resolution No. 02648-2024 (enacted 2024-08-01):** Establishes specific AML/CFT requirements for VASPs, including KYC, risk management, compliance officer appointment, suspicious transaction reporting, and registration with the UIF. It defers enforcement of the 'Travel Rule' to August 2026.
*   **Proposed 'Framework Law for the Commercialization of Cryptoassets' (Bill No. 1042-2021-CR):** Aims to create a formal regulatory structure; *not enacted as of early 2025*.

**IV. Compliance Requirements**
*   VASPs must implement a System for the Prevention of Money Laundering and Terrorism Financing (SPLAFT).
*   Core requirements include Customer Due Diligence (KYC), risk management, appointing a compliance officer, and reporting suspicious transactions to the UIF-Peru.
*   VASPs are required to *register with the UIF-Peru for AML/CFT purposes only*; this is *not a prudential license*.
*   The FATF 'Travel Rule' for virtual asset transfers is adopted but *enforcement is deferred until August 2026*.
*   Profits from cryptocurrency trading are considered taxable income by SUNAT (tax authority), generally as capital gains for individuals or business income for habitual traders, though specific guidance is lacking.

**V. Notable Restrictions or Limitations**
*   No prudential supervision or consumer protection oversight of crypto assets by the SBS or SMV.
*   Peruvian banks are often *risk-averse towards crypto businesses*, creating challenges for banking access.
*   Authorities have issued repeated warnings about risks including high volatility, lack of state backing, fraud, and insufficient consumer protection.

**VI. Recent Developments or Notes**
*   The mandatory AML registration for VASPs *does not constitute a comprehensive regulatory framework*.
*   The proposed Framework Law (Bill No. 1042-2021-CR) remains pending, leaving the market without formal operational oversight.
*   The 'Travel Rule' implementation timeline is set for August 2026.

Full Analysis Report

Complete markdown report for this analysis

**Report on the Current Status of Retail Cryptocurrency Trading in Peru**

**Date:** 2025-06-26 (Corrected)

**Topic:** Retail_Trading_Status

**Description:** Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity.

**1. Identified Status**

Allowed-UnRegulated

**2. Detailed Narrative Explanation**

Retail cryptocurrency trading, including buying, selling, and holding, is legally permitted in Peru. However, the activity operates in a largely unregulated environment as of early 2025. There is no specific, comprehensive legal framework dedicated to cryptocurrencies that establishes licensing, prudential supervision, or consumer protection rules for the market.

Recent regulatory developments have focused exclusively on anti-money laundering and counter-terrorist financing (AML/CFT). Supreme Decree No. 006-2023-JUS, published in July 2023, incorporated Virtual Asset Service Providers (VASPs) as entities obligated to report to the Financial Intelligence Unit (UIF-Peru). This was operationalized by SBS Resolution No. 02648-2024 in August 2024, which mandates that VASPs implement a prevention system (SPLAFT), conduct customer due diligence (KYC), appoint a compliance officer, and report suspicious transactions. VASPs must also register with the UIF-Peru. Crucially, the SBS has stated that this norm "does not regulate the technology that underlies virtual assets or the activities or operations of the VASPs" beyond AML/CFT. The FATF 'Travel Rule' is adopted but its enforcement is deferred until August 2026.

These AML/CFT rules do not equate to a full regulatory framework. Peruvian regulators—the BCRP, SBS, and SMV—have consistently warned that cryptocurrencies are not legal tender, are highly volatile, lack state backing, and are not under their prudential supervision. The SMV has explicitly noted that there is no specific regulation that protects offers or promotions of cryptocurrencies and that such entities are not under its supervision.

A legislative effort to create a broader 'Framework Law for the Commercialization of Cryptoassets' (Bill No. 1042-2021-CR) has been discussed but remains unenacted. In March 2025, the bill was returned to committee for further analysis, indicating no imminent comprehensive regulation.

Taxation applies under general rules: profits are considered taxable income by SUNAT, typically as capital gains for individuals. Banking access for crypto businesses remains challenging due to risk aversion, though not officially prohibited.

In summary, while retail trading is allowed and VASPs have AML/CFT obligations, the absence of a licensing regime, operational oversight, and crypto-specific consumer protection rules means the market is not formally regulated. The correct classification is therefore 'Allowed-UnRegulated'.

**3. Specific, Relevant Text Excerpts**

*   **SBS Resolution on AML for VASPs:** "Aprobar la Norma para la prevención del lavado de activos y del financiamiento del terrorismo aplicable a los Proveedores de Servicios de Activos Virtuales (PSAV), bajo supervisión de la UIF-Perú." (Source: Resolución SBS N° 02648-2024, 2024-08-01).
*   **SBS on Scope of Regulation:** "Si bien esta norma regula a los PSAV cubiertos por la Recomendación 15 del GAFI, 'no regula la tecnología que subyace a los activos virtuales o a las actividades u operaciones de los PSAV'." (Source: Infobae, August 6, 2024, summarizing the SBS resolution).
*   **Supreme Decree Obligating VASPs:** "Incorpórese como sujetos obligados a informar a la UIF-Perú... a los Proveedores de Servicios de Activos Virtuales (PSAV)." (Source: Decreto Supremo N° 006-2023-JUS, 2023-07-27).
*   **SMV Warning on Lack of Supervision:** "No existe una regulación específica en el Perú que ampare la oferta y/o promoción de criptomonedas o monedas virtuales... las empresas que realizan tales ofertas y/o promociones no están bajo supervisión." (Source: Superintendencia del Mercado de Valores, March 6, 2021).
*   **Status of Framework Law:** "Con 71 votos a favor... el Pleno de Congreso aprobó una cuestión previa, para el retorno a la Comisión de Economía... del dictamen recaído en el Proyecto de Ley 1042/2021-CR." (Source: Congreso de la República del Perú, March 19, 2025).
*   **BCRP Stance:** "El Banco Central de Reserva del Perú (BCRP) declaró... que las criptomonedas 'no constituyen moneda de curso legal y no cumplen plenamente las funciones de dinero'." (Source: iupana, January 28, 2022).

**4. Direct, Accessible URL Links**
*   Resolución SBS N° 02648-2024: https://busquedas.elperuano.pe/dispositivo/NL/2311684-1
*   Decreto Supremo N° 006-2023-JUS: https://busquedas.elperuano.pe/normaslegales/decreto-supremo-que-amplia-la-lista-de-los-sujetos-obligados-decreto-supremo-n-006-2023-jus-2199897-4/
*   SBS Press Release on New AML Regulations: https://www.sbs.gob.pe/noticia/detallenoticia/idnoticia/2899
*   Infobae Summary of SBS Resolution: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGekR-x6GYssfVuQLgMpbgFbjeke5KLhO0SxNwBZNaZ6OWZ3v99nDGY94teOszP67HFmkeuAcJNpP0AAoEO-GwSHADOH_TlVRCYDE2sv2I6XynMDF6ac6RJeh1wIgPAlTlPsIIK9uvCgW8RcNhpQ010BLqJw8MnUNA2g5HGa8I9DwXU6EOjAyNhJBReiEPCzLewxRYTWlbxTozS4FPwPFLbt1dHjlKwqRA9Iwyo9Cm1WZQ5JCDBIs8PfvFlMw773En425yl
*   SMV Warning (2021): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGOkemSCk4jHHnzI3p-BNvRBu2bdCLmc-uxXCx5nMKB_OfPb9cnc6mwHl5H23l5_k8uCxBoNnlR5LiG15JegR-WAYs1xz46R0vVDmQnts16_DMWmPgvtN2ylJ1dPN1R5iYhQ3UompSCxN68PonkfLTSr0VqiJNqldizFE5sp6VVWoNUzLBAeumMPbSxAmsvoREVkmR7npOuczKEckuEWjaTkIwB8KuMOovVBrzwPqWD1jx5ynUg9WmIheJMsSr1RUaoxhrzNzXs_yiKfmRNsD7AcLkzBKwl9aw5QyO-t283A5PYraNOJntRGZ7ufZHZcAUCydJADsazUwLmJw==
*   Congreso de la República on Bill 1042/2021-CR: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQE5bt69u6uOvpFnwnmUcFJNtFVQcNjLsrexUtDHPyiHwfkx2xrdZoEBQDSEbNCQHFKB905PXPurl7koxF760VBIc1F1wv8lIEbhuHhbARyUTaoVcdPwl0kIhp8_HUy_NrkeB9y1VXtK8F08Fh2NHuxEXfHZ1x5S6mZSfg3yxxg3AIT7miqyjn-ZUWtgGsvclL7OgmSvK3z1dx7c3ZtCYAdU6sHc_FH0jKVIzYeu9zVom2d2nA01-dp7PQmU57tEjohv6pa6O9hYt80=
*   iupana on BCRP Stance: https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEjrA20SFdRDYh5J1HbvYJlIFQ2G7Mari7qRQfF62FXXp4XMc1ah6OIW9MR8JtJU0FrcLLf8IiXRTtM7NMD2gHyLzHU45ZWuR_rGagCKfh-OwNeHCsn9HetsWXiKQaCu0CAAlPTma_l_zN0M1g7b6jmb-GR5Xqt9Whes-bucSckzaNBjozVwRC3XO5apEWahs-1jK_MChceYGhygSs1tHXzNtBPAjQ6

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Edit: Peru

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