DLT and cryptocurrencies
FinTechs belonging to this category offer financial services using crypto currencies. This category also includes FinTechs utilising blockchain and distributed ledger technologies (DLT) upon which Bitcoin and Ethereum are based, among others. FinTechs develop and do research in this field in order to create new services – e.g. crypto currency exchange markets, wallet providers, NFTs-related services, new payment services, "smart contracts" or new clearing and settling services.
Attitude of the country towards financial services using crypto currencies
We don’t have a regulation regarding crypto currencies yet, however they are known by the market. People in Peru can trade with crypto currencies, taking into consideration that the activity is not regulated. In addition, the Peruvian Central Bank has issued a public note in the mass media, warning about the potential risks associated with the acquisition, trading, or promotion of crypto currencies (fraud risks, possible link to illicit activities). These kinds of warnings are shared by the Central Bank of Peru, too. During the last days of March 2022, this entity has informed that they are not planning in regulating this type of assets.
Obligations and requirements to provide financial services using crypto currencies described above
Crypto currencies are currently outside the regulation. This may vary soon.
Additional comments regarding the legal situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area
Until now, the currency in Peru is metallic, physical currency, otherwise it has no legal existence.
Market size for financial services using crypto currencies and biggest companies in this business area
There is enough space for this kind of asset and service. There is a market for such assets in Peru.
Additional comments regarding the economic situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area