Name
Global FinTech Guide
Country Name
Peru
SectionTitle
ICO / token sale
Body
Companies and projects have increasingly relied on the sale of digital assets, or tokens, as a means of fundraising. These tokens generally do not grant the holders an ownership interest in the issuing company or project, but may provide governance rights, access rights or other utility. This has been conducted through public sales known as initial coin offerings (ICOs), proliferation through token generation events (TGEs) or private sales, among other mechanisms.  While showing characteristics of traditional methods of fundraising, there are a range of unanswered questions related to the legal classifications of such products. As ICOs and TGEs will usually be distributed online and internationally, there is usually no single legal framework applying to such transaction, and the legal framework of each market in which the tokens may be offered or sold needs to be considered.
 

Introduction

Attitude of the country towards ICOs/token sales

We don’t have regulation on this aspect. 

Legal affairs

Presence of any explicit regulation on ICOs and the issuance of token/coins

No, there isn’t any specific regulation on ICOs. 

Presence of any explicit restrictions on ICOs or the issuance, distribution and/or transfer of token/coins

 No.

Obligations and requirements to issue token/coins

Our coin is necessarily physical currency, otherwise does not exist. The currency could be local or foreign one, however it shall be always a physical asset.

Classification of token/coins in the jurisdiction

Our tokens are known as currency/payment instrument.
 

Presence of a duty to publish a prospectus bevor offering token/coins to investors

No.

Presence of AML/KYC requirements that are needed to be fulfilled regarding (i) the initial issuance of token/coins and (ii) any following transfer of token/coins to third parties

There isn’t any AML regulation for digital coins or digital token.
 

Additional comments regarding (i) the legal situation for ICOs/token/coins and (ii) any following transfer of token/coins to third parties

N/A.

Economic conditions

Market size for ICOs/token sales and existence of any previous regulated ICO/token sales in the jurisdiction

Token are provided directly by the banking companies in favour or each customer.

Additional comments regarding the economic situation for ICOs/token sales or what companies must be aware of in this business area

N/A.


Authors

Disclaimer

© 2022, Barrios Fuentes Abogados. All rights reserved by Barrios Fuentes Abogados as author and the owner of the copyright in this chapter. Barrios Fuentes Abogados has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

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