Peru

{
  "analysis_text": "The regulatory status of cryptocurrency in Peru has transitioned from \u0027Allowed-Unregulated\u0027 to \u0027Allowed-Regulated\u0027 (specifically for AML) following decisive legislative actions in 2023 and 2024. The primary turning point was the issuance of Supreme Decree No. 006-2023-JUS in July 2023, which amended the country\u0027s AML framework to explicitly include \u0027Virtual Asset Service Providers\u0027 (PSAVs) as obligated subjects. This decree aligned Peru with FATF recommendations, legally defining activities such as the exchange of virtual assets for fiat currency, crypto-to-crypto exchange, and custody services as regulated activities subject to oversight by the Financial Intelligence Unit (UIF-Peru).\n\nIn August 2024, the Superintendence of Banking, Insurance and AFP (SBS) operationalized this decree by publishing Resolution SBS N\u00b0 02648-2024. This resolution imposes concrete operational requirements on VASPs, including the mandatory appointment of a compliance officer, the implementation of a \u0027System for the Prevention of Money Laundering and Terrorism Financing\u0027 (SPLAFT), and the requirement to maintain a registry of operations. Crucially, it mandates that all VASPs operating in Peru must register with the UIF-Peru. While this creates a formal \u0027license to operate\u0027 in the context of AML, it is distinct from a full prudential banking license; the SBS has reiterated that it does not supervise the financial health or business conduct of these entities beyond illicit finance prevention.\n\nDespite these advances, the broader commercial framework remains partially undefined. A comprehensive \u0027Crypto Law\u0027 (Bill No. 1042/2021-CR), proposed to create a specific registry for commercialization and consumer protection, remains stalled in Congress. Consequently, while VASPs are regulated for AML, they lack the legal recognition of financial institutions, leading to friction with the traditional banking sector. Banks often refuse services to crypto companies due to perceived risk, despite the lack of an official prohibition.\n\nTaxation remains another area of practical nuance rather than explicit regulation. The tax authority, SUNAT, has not issued a specific crypto tax law, but tax experts and officials indicate that general income tax rules apply. For individuals, trading profits are typically classified as \u0027Second Category\u0027 income (capital gains) subject to a 5% effective rate, whereas frequent or corporate trading falls under \u0027Third Category\u0027 (business income) with significantly higher rates. The lack of explicit guidance creates a \u0027gray\u0027 operational reality for taxpayers, even though the activity itself is fully legal and the AML reporting channels are now firmly established.",
  "confidence_level": "High",
  "executive_summary": "Retail cryptocurrency trading is legal in Peru and formally regulated for anti-money laundering (AML) purposes. While there is no broad prudential licensing regime for exchanges, Virtual Asset Service Providers (VASPs) are legally defined as \u0027obligated subjects\u0027 and must register with the Financial Intelligence Unit (UIF-Peru) under the Superintendence of Banking, Insurance and AFP (SBS). The regulatory framework, solidified by a 2023 Supreme Decree and a 2024 SBS Resolution, mandates strict KYC/AML compliance, although the SBS explicitly disclaims supervision of the assets\u0027 financial risks or consumer protection aspects.",
  "grounding_urls": [
    {
      "resolved_url": "https://www.sbs.gob.pe/noticia/detallenoticia/idnoticia/3754",
      "title": "sbs.gob.pe",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFhwOgJYuQtxjJs2doxiMpGz1I6VontJ61_AEsUpXiadb7OvahWY79Y8Zr0vzqJ0HaYPVG6aWE69cX1e7nqJLUyg3n7YkmVAGWvyiH1Zg5m7sSvr8UNx056uK8mc0d6LDLyIORZt5DxkNOZJY8FwHRmPrW0L1rCbg=="
    },
    {
      "resolved_url": "https://www.sbs.gob.pe/boletin/detalleboletin/idbulletin/2282",
      "title": "sbs.gob.pe",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFggh2zF3-4KnfRLWWOj_9CxAx66r3bHxgXmzN2tRRLUlcySP37Ahb8UIXR16VYJj0PhRtBc9jRgbKT10dBpSZPl3EINsxmlqTZihNpb9tcq2RvCQBtV6QH7OgvRmsa5zKlu7_5zRPPGR6fUR2WUWmiSbxYaVKG-Wg="
    },
    {
      "resolved_url": "https://prcp.com.pe/wp-content/uploads/2023/07/SE-INCORPORA-A-LOS-PROVEEDORES-DE-SERVICIOS-DE-ACTIVOS-VIRTUALES-COMO-SUJETOS-OBLIGADOS-A-INFORMAR-A-LA-UIF-PERU.pdf",
      "title": "prcp.com.pe",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGWwr88jDQSBqxOgBtjynyn44_PvHurNw6_e64bWJNlJFpf94NZn850YgeLKASNqpCi2TXvNNLgTjklIdpCar9q1SsYkUBTdDu6P4zFqpnre8sb1W1fSGX-7x2kUb9pqo4I6f3-l54LclqlN-baRWKxn2O8E6C1CQzpDZ18vG2z8P1MF9QtFp4v2BFQhtgS1UuLVNSse-sDuk6oeFmHOlqE2aOAjiy9Lfp6jXJajU3jNAADYuP-X_CXBFzk5SNC22Sm-ZJHWMCTxy-SPTGl8ujm1RM2AhtsgiW3j2q2ESms"
    }
  ],
  "status": "Allowed-Regulated",
  "structured_data": {
    "confidence_level": "High",
    "detailed_analysis": "The regulatory status of cryptocurrency in Peru has transitioned from \u0027Allowed-Unregulated\u0027 to \u0027Allowed-Regulated\u0027 (specifically for AML) following decisive legislative actions in 2023 and 2024. The primary turning point was the issuance of Supreme Decree No. 006-2023-JUS in July 2023, which amended the country\u0027s AML framework to explicitly include \u0027Virtual Asset Service Providers\u0027 (PSAVs) as obligated subjects. This decree aligned Peru with FATF recommendations, legally defining activities such as the exchange of virtual assets for fiat currency, crypto-to-crypto exchange, and custody services as regulated activities subject to oversight by the Financial Intelligence Unit (UIF-Peru).\n\nIn August 2024, the Superintendence of Banking, Insurance and AFP (SBS) operationalized this decree by publishing Resolution SBS N\u00b0 02648-2024. This resolution imposes concrete operational requirements on VASPs, including the mandatory appointment of a compliance officer, the implementation of a \u0027System for the Prevention of Money Laundering and Terrorism Financing\u0027 (SPLAFT), and the requirement to maintain a registry of operations. Crucially, it mandates that all VASPs operating in Peru must register with the UIF-Peru. While this creates a formal \u0027license to operate\u0027 in the context of AML, it is distinct from a full prudential banking license; the SBS has reiterated that it does not supervise the financial health or business conduct of these entities beyond illicit finance prevention.\n\nDespite these advances, the broader commercial framework remains partially undefined. A comprehensive \u0027Crypto Law\u0027 (Bill No. 1042/2021-CR), proposed to create a specific registry for commercialization and consumer protection, remains stalled in Congress. Consequently, while VASPs are regulated for AML, they lack the legal recognition of financial institutions, leading to friction with the traditional banking sector. Banks often refuse services to crypto companies due to perceived risk, despite the lack of an official prohibition.\n\nTaxation remains another area of practical nuance rather than explicit regulation. The tax authority, SUNAT, has not issued a specific crypto tax law, but tax experts and officials indicate that general income tax rules apply. For individuals, trading profits are typically classified as \u0027Second Category\u0027 income (capital gains) subject to a 5% effective rate, whereas frequent or corporate trading falls under \u0027Third Category\u0027 (business income) with significantly higher rates. The lack of explicit guidance creates a \u0027gray\u0027 operational reality for taxpayers, even though the activity itself is fully legal and the AML reporting channels are now firmly established.",
    "executive_summary": "Retail cryptocurrency trading is legal in Peru and formally regulated for anti-money laundering (AML) purposes. While there is no broad prudential licensing regime for exchanges, Virtual Asset Service Providers (VASPs) are legally defined as \u0027obligated subjects\u0027 and must register with the Financial Intelligence Unit (UIF-Peru) under the Superintendence of Banking, Insurance and AFP (SBS). The regulatory framework, solidified by a 2023 Supreme Decree and a 2024 SBS Resolution, mandates strict KYC/AML compliance, although the SBS explicitly disclaims supervision of the assets\u0027 financial risks or consumer protection aspects.",
    "important_considerations": [
      "Limited Supervision: The SBS and SMV (Securities Market Superintendence) have clarified they do not prudentially supervise crypto exchanges beyond AML compliance; consumer protection is limited.",
      "Taxation Uncertainty: While no specific crypto tax law exists, gains are generally treated as capital gains (2nd Category Income, ~5%) for individuals, or business income (3rd Category, ~29.5%) for habitual traders.",
      "Banking Access: Peruvian banks are risk-averse; while no official ban exists, crypto businesses often face challenges opening or maintaining bank accounts.",
      "Travel Rule Delay: The requirement to transmit sender/receiver information for crypto transfers is legally adopted but its enforcement is delayed until August 2026 to allow technical adaptation."
    ],
    "key_regulatory_pillars": [
      "UIF-Peru (Unidad de Inteligencia Financiera): Primary AML/CFT supervisor for crypto assets.",
      "SBS (Superintendencia de Banca, Seguros y AFP): Issues regulations governing the AML obligations of VASPs.",
      "Mandatory Registration: VASPs must register with the UIF-Peru to operate legally.",
      "SPLAFT System: Implementation of a System for the Prevention of Money Laundering and Terrorism Financing is required.",
      "Travel Rule: Obligation to share originator/beneficiary data for transfers (implementation deferred to August 2026)."
    ],
    "landmark_legislation": [
      {
        "date_enacted": "2024-08-01",
        "identifier": "Resoluci\u00f3n SBS N\u00b0 02648-2024",
        "name": "SBS Resolution No. 02648-2024",
        "summary": "Establishes specific AML/CFT norms for VASPs (PSAVs), requiring them to appoint a compliance officer, implement a prevention system (SPLAFT), and register with the UIF. It sets a deadline for compliance and defers the \u0027Travel Rule\u0027 implementation to August 2026.",
        "url": "https://busquedas.elperuano.pe/dispositivo/NL/2311684-1"
      },
      {
        "date_enacted": "2023-07-27",
        "identifier": "Decreto Supremo N\u00b0 006-2023-JUS",
        "name": "Supreme Decree No. 006-2023-JUS",
        "summary": "Formally incorporates Virtual Asset Service Providers (PSAVs) as \u0027obligated subjects\u0027 required to report to the UIF-Peru, defining the scope of regulated activities including exchange, transfer, and custody of virtual assets.",
        "url": "https://busquedas.elperuano.pe/normaslegales/decreto-supremo-que-amplia-la-lista-de-los-sujetos-obligados-decreto-supremo-n-006-2023-jus-2199897-4/"
      },
      {
        "date_enacted": null,
        "identifier": "Proyecto de Ley N\u00b0 1042/2021-CR",
        "name": "Bill No. 1042/2021-CR (Pending)",
        "summary": "A proposed \u0027Framework Law for the Commercialization of Cryptoassets\u0027 that aims to establish a broader registry (RUPIC) and consumer protection rules. It remains in committee and has not been enacted.",
        "url": "https://wb2server.congreso.gob.pe/spley-portal-service/archivo/OTU4OQ==/pdf/PL%201042%20(ECONOM%C3%8DA)"
      }
    ],
    "notes_and_comments": "The \u0027Allowed-Regulated\u0027 status is assigned based on the mandatory AML registration regime (UIF-Peru). However, users should note that this does not imply the same level of safety or consumer protection as a banking license. The \u0027Travel Rule\u0027 compliance is legally required but technically deferred until August 2026.",
    "primary_sources": [
      {
        "date": "2024-08-01",
        "key_quote": "Aprobar la Norma para la prevenci\u00f3n del lavado de activos y del financiamiento del terrorismo aplicable a los Proveedores de Servicios de Activos Virtuales (PSAV), bajo supervisi\u00f3n de la UIF-Per\u00fa.",
        "source_type": "regulator",
        "title": "Resoluci\u00f3n SBS N\u00b0 02648-2024 - Norma para la prevenci\u00f3n del lavado de activos aplicable a PSAV",
        "url": "https://busquedas.elperuano.pe/dispositivo/NL/2311684-1"
      },
      {
        "date": "2023-07-27",
        "key_quote": "Incorp\u00f3rese como sujetos obligados a informar a la UIF-Per\u00fa... a los Proveedores de Servicios de Activos Virtuales (PSAV).",
        "source_type": "official_government",
        "title": "Decreto Supremo N\u00b0 006-2023-JUS",
        "url": "https://busquedas.elperuano.pe/normaslegales/decreto-supremo-que-amplia-la-lista-de-los-sujetos-obligados-decreto-supremo-n-006-2023-jus-2199897-4/"
      },
      {
        "date": "2024-08-01",
        "key_quote": "La norma regula los componentes del sistema de prevenci\u00f3n de LA/FT que deben implementar los PSAV... tales como la debida diligencia... y registro de operaciones.",
        "source_type": "regulator",
        "title": "SBS Press Release: New AML Regulations for Crypto Companies",
        "url": "https://www.sbs.gob.pe/noticia/detallenoticia/idnoticia/2899"
      }
    ],
    "remaining_uncertainties": [
      "Is the registry of VASPs publicly accessible for consumer verification?",
      "Will SUNAT issue a specific directive clarifying the \u0027habitual\u0027 vs. \u0027occasional\u0027 trader distinction for tax purposes?",
      "Will Bill 1042/2021-CR be revived or replaced by a new comprehensive framework?"
    ],
    "secondary_sources": [
      {
        "date": "2024-05-31",
        "key_quote": "Supreme Decree No. 006-2023-JUS incorporates cryptoassets exchange... as new Virtual Asset Service Providers... obliged to report to the Financial Intelligence Unit.",
        "source_type": "analysis",
        "title": "CMS Law: Expert Guide to Crypto Regulation in Peru",
        "url": "https://cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/peru"
      },
      {
        "date": "2025-04-08",
        "key_quote": "Crypto exchanges and wallet providers in Peru are now compelled to adhere to AML/KYC laws thanks to Decree No. 006-2023-JUS.",
        "source_type": "news",
        "title": "Coinfomania: Cryptocurrency Regulations in Peru (2025)",
        "url": "https://coinfomania.com/cryptocurrency-regulations-in-peru/"
      }
    ],
    "status": "Allowed-Regulated"
  }
}