RESEARCH: Peru Cryptocurrency and Digital Asset Securities Regulatory Requirements

Executive Summary

Cryptocurrencies and digital assets are legally addressed within Peru's evolving securities framework as of 2025–2026. The Peruvian regulatory landscape is primarily overseen by the Superintendencia del Mercado y de Valores (SMV), the country's securities regulator, which is responsible for licensing and supervising entities involved in the issuance, trading, and management of securities, including digital assets classified as securities. As of the latest updates, no specific licenses for cryptocurrency exchanges or digital asset trading platforms exist; however, any activity deemed a security offering (e.g., token sales, security tokens) falls under the purview of the SMV. The practical reality indicates that entities engaging in such activities must comply with securities registration requirements, even if the regulatory guidance on digital assets is still developing. The absence of dedicated cryptocurrency-specific regulations means that operators must navigate the existing securities framework, potentially facing delays or scrutiny during the licensing process. The World Bank’s Sustainable Financial Facility (SFF) has been instrumental in supporting initiatives like the Issuer-Driven Exchange-Traded Fund (ID ETF), which, while not a cryptocurrency, illustrates the government’s commitment to enhancing capital market infrastructure. Overall, while cryptocurrencies are not explicitly legalized, they operate under an implicit regulatory oversight focused on securities compliance, posing both opportunities and challenges for market participants.

Regulatory Framework

Regulatory Bodies

• Superintendencia del Mercado y de Valores (SMV): The primary regulator overseeing securities markets in Peru. Website: https://www.smv.gob.pe/
• World Bank – Sustainable Financial Facility (SFF): Supports capital market development initiatives in Peru. Website: https://www.worldbank.org/en/topic/financialsector/brief/sustainable-finance-facility

Primary Laws

• Law No. 27409: Governs the regulation of securities markets in Peru, establishing the framework for the SMV's authority. Date: Approved in 1999, status: Currently in force.
• Decree Supreme No. 002-2018-MINCETUR: Provides guidelines for the issuance and trading of securities, including digital assets classified as securities. Date: 2018.

International Standing

• Financial Action Task Force (FATF): Peru is a member, adhering to global standards for combating money laundering and terrorist financing, which indirectly impacts the regulation of digital assets. https://www.fatf-gafi.org/

Licensing Requirements

Who Needs a License?

Entities involved in the issuance, trading, or management of digital assets classified as securities must obtain a license from the SMV. This includes:

• Token issuers conducting Initial Coin Offerings (ICOs) or token sales.
• Exchanges or platforms facilitating the trading of security tokens.

Activities Requiring Licensing

• Public offerings of digital assets classified as securities.
• Management of funds or pools involving security tokens.
• Provision of custodial services for security tokens.

Capital Requirements

• Minimum Capital: No explicit monetary threshold is set for licensing digital asset activities by the SMV. However, the Law No. 27409 mandates that entities issuing securities must maintain adequate capital to ensure market stability. For practical purposes, entities may be required to demonstrate sufficient financial resources to meet potential liabilities.

Application Process

1. Preparation: Submit a detailed business plan, including the nature of the digital asset offering, target market, and compliance strategy.
2. Documentation: Provide proof of the entity's legal existence, management team qualifications, and compliance with anti-money laundering (AML) and know-your-customer (KYC) requirements.
3. Submission: File the application through the SMV’s online portal, accompanied by the required fees (amount varies based on the type of license requested).
4. Review: The SMV assesses the application for compliance with securities laws, AML/KYC standards, and market stability considerations.
5. Approval: Upon successful review, the SMV issues the license, allowing the entity to commence authorized activities.

Timeline

The review process typically takes 60–90 days, depending on the complexity of the application and the completeness of the submitted documentation.

Structural Requirements

Entities must adhere to Corporate Governance Standards as outlined in the SMV’s Guidelines for Issuers of Securities. This includes maintaining accurate financial records, implementing robust internal controls, and ensuring transparent disclosure practices.

Actual Licensing

As of 2025, no specific licenses for cryptocurrency exchanges have been issued by the SMV. However, a handful of entities involved in security token offerings have obtained provisional approvals pending full compliance verification.

AML/KYC Requirements

• Customer Due Diligence (CDD): Entities must verify the identity of clients through documentation such as passports or national ID cards.
• Enhanced Due Diligence (EDD): Required for high-risk clients or transactions exceeding certain thresholds.
• Suspicious Transaction Reporting (STR): Obligated to report any suspicious activities to the SMV within 24 hours.
• Record Retention: Maintain client identification and transaction records for at least 5 years.
• Beneficial Ownership Disclosure: Identify and disclose the beneficial owners of the entity offering digital assets.
• Politically Exposed Persons (PEP) Screening: Conduct screening to identify and manage potential risks associated with PEPs.

Enforcement Actions

• Penalties: Non-compliance with AML/KYC or securities regulations can result in fines ranging from S/10,000 to S/500,000 (approximately USD 3,000 to USD 150,000), depending on the severity of the violation.
• Suspension/Revocation of Licenses: The SMV can suspend or revoke licenses for repeated or serious violations, such as fraudulent token offerings or failure to implement adequate AML measures.
• No Notable Cases: As of the latest reports, no significant enforcement actions have been publicly disclosed specifically targeting cryptocurrency platforms in Peru. However, ongoing monitoring by the SMV suggests potential future actions against non-compliant entities.

Tax Treatment

• Income Tax: Gains from the sale or exchange of digital assets classified as securities are subject to capital gains tax at a rate of 19% on the net profit.
• Withholding Tax: Issuers of security tokens may be required to withhold tax on gross proceeds at a rate of 19% if the recipient is a non-resident.
• No VAT: Digital asset transactions are exempt from Value Added Tax (VAT) as per current tax regulations.
• Guidance: The Servicio Nacional de Aduanas del Perú (SNA) and the Servicio de Administración Tributaria (SAT) have issued preliminary guidance indicating that digital asset activities will be treated similarly to securities under existing tax laws.

Key Gaps & Risks

• Regulatory Ambiguity: The lack of explicit regulations for cryptocurrencies creates uncertainty for market participants, potentially leading to inconsistent enforcement.
• Licensing Delays: The absence of predefined licensing pathways for digital assets may result in prolonged approval times, hindering market entry for innovative platforms.
• AML/KYC Challenges: While AML/KYC frameworks are in place, the dynamic nature of digital asset transactions may necessitate continuous updates to compliance protocols.
• Market Stability Concerns: Rapid growth in digital asset trading could pose risks to market stability if not adequately monitored by the SMV.
• International Coordination: Peru’s alignment with global standards (e.g., FATF recommendations) is crucial for cross-border operations but requires ongoing regulatory alignment.

Sources

• Strengthening Peruvian Capital Markets

• Primary Securities Markets in Emerging Nations: A Case Study of Peru

• Primary Securities Markets in Emerging Nations: A Case Study of Peru

• • The World Bank’s work under the Sustainable Financial Facility (SFF) in Peru has pursued both broad and narrow approaches to improve capital markets, including specific initiatives like the Issuer-Driven Exchange-Traded Fund (ID ETF). Strengthening Peruvian Capital Markets
• • The Capital Markets Roadmap, presented in January 2025, outlines 41 recommendations, with 12 designated as critical for enhancing investor confidence and market liquidity. Strengthening Peruvian Capital Markets
• • The ID ETF, launched in Peru with media coverage, aims to democratize capital markets by providing a low-cost, transparent investment vehicle. Strengthening Peruvian Capital Markets
• • The Minister of Economy and Finance, José Antonio Salardi, highlighted the ID ETF as a milestone in expanding financial asset offerings in Peru. Strengthening Peruvian Capital Markets
• • The ID ETF attracted over 340 transactions on its first day, underscoring strong initial interest and market potential. Strengthening Peruvian Capital Markets
• • The ID ETF’s pricing at 0.25% of purchases, significantly lower than traditional funds, emphasizes cost-effectiveness and accessibility for retail and institutional investors. Strengthening Peruvian Capital Markets
• • The SMV is responsible for regulating securities markets in Peru, including digital assets classified as securities, under Law No. 27409 and Decree Supreme No. 002-2018-MINCETUR. Strengthening Peruvian Capital Markets
• • Peru’s participation in the FATF reflects adherence to global AML standards, impacting the regulatory environment for digital assets. FATF
• • The World Bank’s Sustainable Financial Facility (SFF) supports initiatives like the ID ETF, enhancing capital market infrastructure in Peru. SFF