Peruvian President Issues New Decree Requiring Cryptocurrency Exchanges in the Country to Comply with Anti-Money Laundering Regulations

Odaily Planet Daily News In response to growing concerns about cryptocurrency money laundering and terrorist financing, the President of Peru issued a new decree. The decree states that all cryptocurrency exchanges operating within the country must comply with anti-money laundering (AML) regulations. According to the decree, virtual asset service providers, including individuals and companies operating in Peru, are now required to report information to the Financial Intelligence Unit (UIF-Peru). This unit is responsible for receiving, analyzing and sending information to detect money laundering and terrorist financing activities. The definition of "virtual asset service provider" includes entities that engage in various cryptocurrency-related activities, such as exchanging virtual assets for fiat currency, exchanging different forms of virtual assets, transferring virtual assets, providing custody and management of virtual assets, and providing services related to Sale of virtual assets or provision of related financial services. One of the main goals of the decree is to ensure that Peruvian cryptocurrency exchanges comply with the recommendations made by the Financial Action Task Force (FATF), with particular emphasis on the FATF’s “travel rule.” While the decree is now in effect, UIF-Peru is expected to issue more specific guidelines in the coming days, further clarifying the obligations and responsibilities of virtual asset service providers in the country. (Bitcoinist)