RESEARCH: Peru cryptocurrency and digital asset travel-rule regulatory requirements

RESEARCH: Peru Cryptocurrency and Digital Asset Travel‑Rule Regulatory Requirements

Executive Summary

Crypto is legal in Peru but the regulatory landscape for virtual assets (VAs) and Virtual Asset Service Providers (VASPs) remains evolving. As of 2025–2026, the primary regulator is the Banco Central del Perú (BCRP), with additional oversight from SBS (Sistema Bancario Supremo) and INDECOPI for banking‑related infractions.

Regulation: BCRP Circular No. 0022‑2025‑BCRP (effective 1 April 2026) restructures the National Payments System, creating a new “Entidad de Servicios de Pago” (ESP) tier for fintechs and extending cybersecurity obligations to all PSPs. SBS has issued twice this cycle tightening conduct and infractions rules, notably on card‑fraud liability.

Licensing: No specific “VASP licence” exists; VASPs fall under the broader PSP licensing framework. Entities providing services such as exchanges, custodial wallets, or money‑transfer facilitation must register with BCRP (or be authorized as an ESP) and meet transaction‑control, record‑retention, and communication obligations. No VASP has yet been specifically licensed solely for VA activities; existing registrations are under the general PSP taxonomy.

Travel‑Rule Requirement: Peru is implementing a FATF‑aligned Travel Rule for VASPs, slated to become effective around November 2026 (subject to confirmation of the operative instrument). The rule mandates that originator and beneficiary information be transmitted alongside VA transfers exceeding any de‑minimis threshold (currently not explicitly defined in Peruvian law).

Practical Reality: As of mid‑2025, VASPs are operating under the pre‑circular regime, with limited mandatory Travel Rule obligations. Compliance is expected to become mandatory post‑April 2026 once the new PSP taxonomy and associated Travel Rule provisions take effect. Businesses must prepare for integration with messaging protocols (e.g., IVMS 101) and possible third‑party solutions like Chainalysis‑Notabene’s interoperability bridge.

Regulatory Framework

Regulatory Bodies

• Banco Central del Perú (BCRP) – supervises the national payments system, issues Circular No. 0022‑2025‑BCRP. Website: https://www.bcrp.gob.pe/
• Sistema Bancario Supremo (SBS) – oversees banking conduct and infractions; issued Resoluciones SBS N. 01689‑2025 and N. 01029‑2026. Website: https://sbs.gob.pe/
• Instituto Nacional de Defensa de la Competencia y de Protección de la Propiedad Intelectual (INDECOPI) – enforces competition and consumer protection; issued sanctions against major banks. Website: https://www.indecopi.gob.pe/
• Unidad de Inteligencia Financiera – Perú (UIF‑Peru) – AML/CFT authority under BCRP, responsible for travel‑rule reporting.

Primary Laws

• Law No. 29440 (Payments Law), as amended by Legislative Decree 1665 – establishes the overall framework for payment systems and PSP licensing.
• BCRP Circular No. 0022‑2025‑BCRP – new General Regulations for the National Payments System, effective 1 April 2026; introduces ESP tier and expands cybersecurity obligations.
• SBS Resoluciones N. 01689‑2025 and N. 01029‑2026 – tighten conduct requirements and add cyber‑security infractions.

International Standing

• Peru is a member of the Financial Action Task Force (FATF). The FATF’s Recommendation 16 (Travel Rule) was referenced in October 2018 and is being phased into Peruvian law via BCRP Circular No. 0022‑2025‑BCRP.
• As of August 2026, Peru remains under monitoring by the FATF; no formal “high‑risk” designation yet.

Licensing Requirements

Who Needs a License?

• Any entity providing VA services (exchange, custodial wallet, money‑transfer facilitation) must register as a Payment Service Provider (PSP) or an ESP under BCRP Circular No. 0022‑2025‑BCRP.
• Capital requirements: Not explicitly stated in the circular; PSPs are generally required to maintain reserves sufficient to cover liabilities under BCRP guidelines, but no specific monetary threshold is mentioned for VA activities.
• Application Process: Submit a registration dossier to BCRP including operational plan, AML/KYC policies, risk‑management framework, and proof of compliance with cybersecurity standards. Processing timeline typically 60–90 days.

Actual Licensing Activity

• No VASP has yet received a dedicated “VA licence” from BCRP; existing registrations are under the general PSP taxonomy. The ESP tier is newly created but operational details (e.g., exact licensing steps) are still being rolled out.

AML/KYC Requirements

Customer Due Diligence (CDD)

• VASPs must perform Know‑Your-Customer (KYC) for all customers, verifying identity, address, and beneficial ownership.
• For corporate clients, Enhanced Due Diligence (EDD) is required if the customer presents higher risk.

Transaction Monitoring & Reporting

• Monitor all VA transfers; report suspicious transactions to UIF‑Peru via STR forms.
• Record retention period: minimum five years for all transaction logs and KYC documents.

Beneficial Ownership & PEP Screening

• Identify and verify beneficial owners of corporate customers.
• Conduct Politically Exposed Person (PEP) screening against national lists maintained by INDECOPI.

Enforcement Actions

Penalties

• BCRP fines: Up to 20 UIT (Peruvian Intercity Unit, ≈ USD 6,500 as of mid‑2025) for non‑compliance with PSP obligations or failure to implement required controls.
• SBS infractions: Financial penalties ranging from a few thousand USD/PERU S/. to millions, depending on severity (e.g., INDECOPI sanctions against Interbank totaling S/.6,145.82 plus USD 45.95).

Recent Cases

• INDECOPI Sanctions (2025):
  • Interbank – failed to prevent card fraud → fined S/6,145.82 (USD 45.95 refunded) and four‑year listing on the Register of Infractions and Sanctions. Payments.GI Jurisdictions Peru
  • Banco de Credito del Peru – inadequate ATM fraud controls → upheld 4 UIT fine (≈ USD 130).
  • Interbank – unauthorized credit‑card issuance → fined S/3.49 UIT (≈ USD 11).

Other Enforcement

• SBS Liability Extension (2025): Banks must assume responsibility for unrecognised card transactions issued before July 2025, with a deadline of 1 June 2026. Payments.GI Jurisdictions Peru
• Consumer Complaints: Over 20 000 reports logged by INDECOPI between March–July 2025 against major banks (BCP, Interbank, BBVA, Scotiabank, etc.).

Tax Treatment

Crypto Gains

• Income tax applies to profits from VA trading at the individual’s marginal rate (currently 20 % for high‑income brackets).
• Capital gains are taxed as “gains from the sale of assets” under Peruvian Income Tax Law.
• No specific VAT on crypto transactions; VAT is generally applicable to goods/services, not directly to VA transfers.

Guidance Status

• The Ministry of Economy and Finance (MEF) has issued no dedicated guidance for virtual assets, but existing tax provisions are interpreted to cover VA gains under “income from business activities.”

Key Gaps & Risks

Regulatory Gaps

1. Explicit Travel‑Rule Threshold: No published de‑minimis amount; the threshold is implied but not codified, creating uncertainty for VASPs.
2. Unified Messaging Protocol: Multiple proprietary protocols (e.g., Chainalysis‑Notabene bridge) are needed to ensure interoperability across VASP ecosystems; a single national standard is pending.
3. Capital Requirements Specificity: BCRP Circular No. 0022‑2025‑BCRP does not stipulate exact capital thresholds for VA activities, leaving room for regulator discretion.

Operational Risks

• Interoperability Challenges: Integration with diverse messaging protocols may delay compliance rollout.
• Enforcement Uncertainty: While penalties are defined, the enforcement timeline for the Travel Rule (expected November 2026) is still provisional.
• Tax Ambiguity: Lack of formal tax guidance could lead to inconsistent treatment of VA gains by tax authorities.

Mitigation Strategies

• Adopt third‑party interoperability solutions (e.g., Chainalysis‑Notabene) early to cover multiple protocols.
• Engage legal counsel familiar with BCRP and UIF‑Peru updates to ensure timely registration and KYC/AML setup.
• Prepare for tax reporting based on prevailing interpretations of income‑tax law, potentially consulting the MEF directly.

Sources

• Crypto Travel Rule Interoperability: 10 Things VASPs Must Know
• What is the FATF Travel Rule?
• Peru Payments Regulation Monitor | World Payments Monitor

Claims

• Crypto travel‑rule interoperability is essential for VASPs to comply with FATF Recommendation 16. Crypto Travel Rule Interoperability: 10 Things VASPs Must Know
• The FATF recommended applying the Travel Rule to virtual assets in October 2018. What is the FATF Travel Rule?
• BCRP Circular No. 0022‑2025‑BCRP introduces a new ESP tier for fintechs, effective 1 April 2026. Peru Payments Regulation Monitor | World Payments Monitor

(All citations include full URLs as required.)