Regulation of the cryptocurrency market is constantly becoming stricter. Nowadays jurisdictions impose high regulatory and risk management requirements on virtual asset service providers.
Despite this, we always manage to find a solution that suits the client. All the time our team provides research of the market and regulations on various markets to find the best jurisdiction. Recently we have made the global overview of the VASP regulation in the Latam Countries and are ready to share information with our future and existing clients. Today we will look at the features of obtaining a cryptocurrency license in Peru.
The law regulating the activities of VASPs
Congress proposal N° 1042-2021-CR
VASP regulator
1. Superintendency of Banking, Insurance, and Pension Fund Administrators “SBS”. 2. Superintendency of Securities Market “SMV”.
Activities included in VASP services
- Exchange between virtual assets and fiat or legal tender currencies.
- Exchange between virtual assets.
- Transfer of virtual assets.
- Custody of virtual assets.
- Provision of financial services related to the offer of an issuer and/or sale of a virtual asset.
VASP registration procedure for a local company
1. Registration in Peru either as a local company or as a branch from an international company.
2. In any case, the company can only operate as a VASP. It is prohibited to engage in other commercial activities.
3. Registration in the Registry ofCryptocurrency Exchange Platforms – RUPIC
Further stages and requirements will be set forth in the “reglamento” of the act, which is usually enacted 90-180 days after the act.
Authorization of VASP from another state to provide services in the jurisdiction
In order to operate in the Peruvian market, the Proposal requires local registration as a VASP or as an intl. branch beforehand.
Requirements to the VASP after registration (corporate maintenance, reporting, substance)
So far the proposal demands VASPs to report: 1. To the SBS about financial status and activities. 2. To the Financial Intelligence Office “UIF” regarding AML compliance. 3. Yearly tax reports.
Liability provided for the activities of a VASP without local registration
According to the Peruvian Criminal Code there is criminal liability for several economic crimes which can go from 1-5 years in prison until 15 in some cases.
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Manimama Law Firm provides a gateway for the companies operating as the virtual asset wallet and exchange providers allowing to enter to the markets legally. We are ready to offer an appropriate support in obtaining a license with lower founding and operating costs. We offer KYC/AML launch, support in risk assessment, legal services, legal opinions, advice on general data protection provisions, contracts and all necessary legal and business tools to start business of virtual asset service provider.
The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.
