Researching crypto: Peru delves deep into local crypto exchanges to learn how to regulate it

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• A regulation authority in Peru is said to be getting ready to perform studies on local crypto platforms in order to find out a way to regulate the national crypto industry. 

• According to a report that came this year, the superintendent of the financial intelligence unit of Peru highlighted the need to work out policy on how the industry functions. 

A regulation authority in Peru is said to be getting ready to perform studies on local crypto platforms in order to find out a way to regulate the national crypto industry. According to a report that came out at the end of October earlier this year, the superintendent of the financial intelligence unit of Peru (UIF), Sergio Espinosa highlighted the need to work out the policy behind-the-scenes on how the industry functions. Interestingly, Sergio highlighted this as a “priority“.

“One of the topics that we have not stopped is a diagnosis — which is being done — of the presence and scope in Peru of so-called virtual assets, including Bitcoin and other virtual assets that are not currencies, but that exist, trade and circulate, so there is a need to put out regulation on the matter.”

According to a local news report from Gestion, Sergio has in the past referenced the lack of knowledge Peru has when it comes to the crypto industry and noted it as uncharted territory.

In fact, the report also goes on to say that the superintendent said that studies into local crypto platforms began in August as a part of activities from the UIF to help collect enough data to determine the future laws in Peru when it comes to the crypto sector.

Authorities in the nation have been on the fence when it comes to cryptocurrency over the years and there is not a solidified position they have been seemingly willing to take.

Despite this, the COVID-19 pandemic has proven for many countries to be an eye-opener to look into the development of blockchain technology, Peru being one of them.

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