Peruvian Regulator Says COVID-19 Won’t Delay Crypto Regulation Plans

A leading Peruvian regulator has stated that the coronavirus pandemic will not derail the government’s plans to regulate the nation’s crypto industry – and has claimed “monitoring” of Peru-based crypto exchanges has already begun.

Per Gestión, Sergio Espinosa, the head of the top financial regulatory body, the Superintendencia de Banca, Seguros y AFP (SBS)’s Financial Intelligence Unit, said that the virus would not delay his organization’s work.

The unit has been preparing a diagnostic “on the use and the existence of [cryptoassets] in Peru,” with bitcoin (BTC) singled out for mention.

Espinosa said the move would help “regulate [cryptoassets],” claiming that this was currently “one of SBS’ current goals.”

The newspaper quoted Espinosa as stating,

“One of the topics that we have not halted progress on is a diagnostic analysis – which is currently ongoing – on the presence and scope in Peru of so-called virtual assets, including bitcoin and other virtual assets that are not proper currencies. As they are traded and in circulation here, there is a need to develop regulation on the matter.”

However, Espinosa remarked that there was still an information deficit – and that this would need to be addressed before policies were rolled out.

He said,

“The first thing we need to do is fully understand this sector, especially in terms of what is happening in Peru in terms of virtual assets. We need to know where they are being accepted and other key data. Deeper knowledge is required in order to fully regulate it.”

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