Quick Answer
Yes, crypto is legal in Peru but remains unregulated.
- No laws prohibit crypto, but a formal regulatory framework is pending in Congress.
- Crypto service providers must now comply with new anti-money laundering regulations.
Legal Status of Crypto in Peru
Cryptocurrency in Peru operates in a legal gray area, as no specific laws either prohibit or formally regulate its use. This legal vacuum allows for the acquisition and trading of cryptoassets, though they are not recognized as official payment methods. While a comprehensive regulatory framework is still being debated in the Peruvian Parliament, recent anti-money laundering rules now require virtual asset service providers to report their activities to the country's Financial Intelligence Unit. Key financial authorities like the Superintendency of Banking (SBS) have issued public warnings about risks but do not yet directly supervise the crypto market itself.
Current Regulations
Currently, Peru has no comprehensive legal framework specifically governing cryptoassets. The most significant regulation in place is Supreme Decree No. 006-2023-JUS, which requires Virtual Asset Service Providers (PSAVs) to implement anti-money laundering systems and report to the Financial Intelligence Unit (UIF). While this decree imposes compliance duties, major financial regulators like the Superintendency of Banking (SBS) and Superintendency of the Securities Market (SMV) have issued public warnings about crypto's risks, stating they do not directly oversee the market. A more formal "Framework Law for the Commercialization of Cryptoassets" is currently pending approval in the Peruvian Parliament.
Regulatory Authorities
While no single entity exclusively governs crypto, several key financial authorities in Peru have roles that intersect with the digital asset space.
- Financial Intelligence Unit (UIF): The UIF is Peru's primary body for combating money laundering and terrorism financing. It requires Virtual Asset Service Providers (VASPs) to report their activities and implement robust anti-money laundering compliance systems.
- Superintendency of Banking, Insurance and Pension Fund Administrators (SBS): The SBS is the main regulator for banks and financial institutions and has issued warnings about the risks of unsupervised crypto assets. While it does not currently regulate the crypto market, it would be responsible for authorizing and registering crypto companies if the pending framework law is enacted.
- Superintendency of the Securities Market (SMV): As the country's securities regulator, the SMV has clarified that it does not oversee cryptoassets. Its involvement is limited to issuing public warnings about investment risks and enforcing restrictions on the advertisement of financial services.
- Central Reserve Bank of Peru (BCRP): The BCRP is Peru's central bank, responsible for monetary policy and financial stability. It has issued statements distinguishing crypto from legal tender and is currently focused on a pilot program for its own central bank digital currency (CBDC).
Historical Context
Peru’s crypto regulation journey began with a hands-off approach, marked by the failed PeruCoin project in 2018, which drew negative attention. For years, the market remained unregulated, with authorities only issuing public risk warnings. A significant policy shift occurred in July 2023 when a supreme decree mandated that crypto service providers report to the Financial Intelligence Unit (UIF) to combat money laundering. This marked the first formal regulatory step. Now, a comprehensive "Framework Law" is pending in Congress, signaling a move toward broader oversight. Meanwhile, the central bank began exploring a CBDC pilot program in April 2024, further indicating a shift from inaction to cautious engagement.
Compliance Requirements for Businesses in Peru
In Peru, businesses, particularly those in the financial and virtual asset sectors, must adhere to a strict set of compliance rules guided by authorities like the Superintendencia de Banca, Seguros y AFP (SBS) and the Unidad de Inteligencia Financiera (UIF-Perú). Key requirements include:
- Anti-Money Laundering (AML) Checks: Financial institutions and Virtual Asset Service Providers (VASPs) are required to implement a robust AML prevention system. This involves appointing a compliance officer, maintaining an Operations Register to log transactions, and reporting any suspicious activity to the Financial Intelligence Unit. Businesses must also conduct regular risk assessments and provide ongoing AML training to all personnel.
- Know Your Customer (KYC) Requirements: As part of the broader AML framework, firms must identify and verify the identity of all customers before establishing a business relationship. This includes maintaining detailed customer records, monitoring transactions on an ongoing basis, and applying enhanced due diligence for higher-risk clients or transactions.
- Other Mandatory Procedures: Beyond AML/KYC, institutions must follow extensive regulatory requirements. These include establishing strong corporate governance with board-level committees, adhering to a Code of Conduct, managing conflicts of interest, and complying with prudential standards for capital and liquidity. Regular reporting of financial statements and risk assessments to the SBS is also mandatory.
Why this matters for Cross-Border Payments
For businesses engaging in cross-border payments with Peru, these emerging regulations introduce both clarity and complexity. The mandatory AML and KYC checks align Peru with global financial standards, potentially making international transactions more secure and transparent for legitimate enterprises. However, this also creates operational hurdles, as businesses must now navigate increased compliance overhead, face potential transaction delays due to heightened scrutiny, and adapt to a regulatory framework that is still evolving.
How Lightspark Enables Compliant Crypto-Native Payments
Lightspark provides a global payments platform built on Bitcoin. Its core products, Lightspark Connect and Grid Switch, address key pain points in cross-border transactions. Connect allows businesses to access the Lightning Network, automating complex tasks like routing and liquidity management. Grid Switch enables institutions to use domestic real-time payment systems to send funds globally, using Bitcoin as a neutral settlement asset. This infrastructure bridges fragmented financial systems, enabling instant, low-cost payments that settle in seconds, not days.
While businesses remain responsible for their own compliance, Lightspark's platform is designed to support regulated institutions. Features like audit-ready reporting, flexible custody options, and integrations that support requirements like the Travel Rule and OFAC screening help companies meet their obligations. By providing these tools, Lightspark facilitates the use of crypto-native payments within existing regulatory frameworks, allowing partners to expand into new corridors while staying compliant from day one.
To discover how your business can leverage instant, compliant cross-border payments, explore Lightspark’s solutions.
Notice: This article is provided for informational purposes only and does not constitute legal advice.
Sources
- Baker McKenzie. "What types of activities require a license in your jurisdiction?" Baker McKenzie Resource Hub, 2025, resourcehub.bakermckenzie.com/en/resources/global-financial-services-regulatory-guide/latin-america/peru/topics/what-types-of-activities-require-a-license-in-your-jurisdiction.
- Freeman Law. "Peru and Cryptocurrency." Freeman Law, 2022, freemanlaw.com/cryptocurrency/peru/.
- Hopkins, Juan José, and Andrea Paiba. "CMS Expert Guide to Crypto Regulation in Peru." CMS Law, CMS Legal, 1 Aug. 2024, cms.law/en/int/expert-guides/cms-expert-guide-to-crypto-regulation/peru.
- Kuan-Veng, Andrés, and Luis Ernesto Marín. "Banking Regulation 2025 - Peru." Chambers and Partners, 10 Dec. 2024, practiceguides.chambers.com/practice-guides/banking-regulation-2025/peru/trends-and-developments.
- M., Richard. "Peru Set Rules For Virtual Assets Platforms Under Anti-Money Laundering Regime." Shufti Pro, 10 Aug. 2023, shuftipro.com/news/peru-set-rules-for-virtual-assets-platforms-under-anti-money-laundering-regime/.
