A bill that aims to provide a legal basis for the cryptocurrency market has been presented to the Congress of Peru, and will now be debated in plenary legislation for its approval. The project, formally known as the “Framework Law for the Commercialization of Cryptocurrencies”, was introduced by the parliamentarian José Elías Ávalos, member of the political party Podemos Peru.
The bill, in addition to defining what a crypto asset is and establishing the duties of virtual asset service providers (Vasp), also seeks to regulate the holding of cryptocurrencies in corporate treasuries. According to information published by the Peruvian media La República, the volume of transactions with cryptocurrencies in Peru increased by 613% in the first six months of 2021, compared to 2020.
The arrival of the new law proposal to regulate the market can lead to massive adoption, especially by those who, with caution, await a framework that gives them security and confidence before investing.
