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Peru Fights Cryptocurrency Money Laundering and Terrorism Financing



Peru issues a new decree to address concerns over cryptocurrency-related money laundering and terrorist financing. All crypto exchanges in the country must comply with anti-money laundering (AML) regulations. 

The move mandates that all cryptocurrency exchanges operating within the country must now comply with anti-money laundering (AML) regulations. The Peruvian government aims to regulate the cryptocurrency ecosystem and protect its financial system from illicit activities.

According to the report, virtual asset service providers, including both individuals and companies within Peru, are required to report information to the Financial Intelligence Unit (UIF-Peru). 

The UIF-Peru will be responsible for receiving, analyzing, and transmitting data to detect potential money laundering and terrorism financing activities.

Virtual asset service providers, including individuals and companies, are required to report information to the Financial Intelligence Unit (UIF-Peru) to detect illicit activities. 

The decree aims to adhere to FATF recommendations, emphasizing the “travel rule” for KYC standards. The controversy arises as the ABPE claims exclusion from the regulatory process. 

The implementation of these new regulations will impact the cryptocurrency landscape in Peru and prompt industry stakeholders to enhance compliance. 

The decree represents a significant step forward in Peru’s efforts to combat financial crimes and protect its economy from potential risks associated with cryptocurrencies.

Other South American nations have also started addressing the crypto and digital asset industry. For instance, at the close of last year, Banco do Brasil announced plans to launch a Central Bank Digital Currency (CBDC) in 2024, allowing citizens to hold accounts with the central bank rather than commercial banks. Additionally, received a license to operate in the country.

In April 2023, Argentina’s securities regulator, the Comision Nacional de Valores (CNV), approved the regulation of Bitcoin futures contracts. Investors can now gain exposure to Bitcoin’s price without owning the underlying asset using the Matba Rofex exchange.

Read also; UK and Singapore join forces to set global crypto standards and explore CBDCs

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