Peru Introduces Mandatory Registration of Crypto Exchanges

Latin America is a key region driving the proliferation of cryptocurrencies. Peru has recently followed suit by signing a decree that will be part of its anti-money laundering regulations, which require companies that provide virtual currency storage and exchange services to report user transaction information to the Financial Intelligence Unit.

This Peruvian agency will vet investors and seek to identify any fraudulent or illegal schemes involving bitcoin and other alternative currencies.

In order to meet the recommendations of the Financial Action Task Force (FATF), the financial intelligence agency will soon publish a document that outlines how crypto exchanges should function in the domestic market.

The Blockchain and DLT Association of Peru (ABPE) is calling for the government to cooperate in creating the regulatory framework for the industry, as any undue restrictions on the sector could lead startups to relocate to countries with more favorable business environments.