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International Crypto Exchanges Move into Peruvian Market

Exchange Latin America

Trading

Last updated: June 26, 2023 06:53 EDT

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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Last updated:

June 26, 2023 06:53 EDT

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Japanese cryptocurrency exchange BITpoint has opened a branch in Peru.

A member of the exchange’s Latin America board of directors, Stefan Krautwald, said that more cryptocurrency transactions take place in Peru than any other country in the region – with the exception of Columbia and Venezuela.

Per Peruvian media outlet Géstion, Krautwald stated that BITpoint intends to apply the same stringent self-regulatory trading policies that it is obliged to follow in Japan – where exchanges have to abide by government and industry group legislation and guidelines.

Krautwald stated, “Peru is a country with a strong interest in [cryptocurrencies]. We want to be part of the development of the Peruvian market.”

The Japanese company says that prior to opening its Peruvian branch, it consulted with Peru’s central bank (known locally as the BCR) and the chief financial regulator, the Superintendant of Banking and Securities.

A number of international exchanges are known to be eyeing the Peruvian market. Last month, Bittrex announced that it would be launching a trading platform in the country, which will also operate in Chile.

Weekly LocalBitcoins, a peer-to-peer bitcoin marketplace, volume (in bitcoin) in Peru:

Meanwhile, in Japan, BITpoint has announced that it will end all foreign fiat-to-cryptocurrency trading. The exchange currently offers USD, EUR and Hong Kong dollar to BTC trading, but per Japanese media outlet Crypto Watch, BITpoint will cease trading in overseas fiat pairs as of June 27.

BITpoint says that customers with overseas currency pair holdings after the deadline will have their funds automatically converted into Japanese yen.