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COVID-19 Will Not Cause Delays in Cryptocurrency Regulation Plans, Says the Peruvian Regulator

At the beginning of the year, the Peruvian Government had made an announcement regarding the crypto-industry. The Government stated that they will be setting up a system to monitor the activities of crypto-exchanges that are based in Peru.

That is when the Coronavirus hit the entire world and governments from all around the world were forced to cease any regulatory activities that were in the pipeline.

However, one of the leading regulators from the Peruvian Government has released a statement related to crypto-regulations. As per the regulator, the Peruvian Government will not get off track from introducing regulations to the crypto-blockchain industry.

The regulator confirmed that the Peruvian Government has already started monitoring the activities of crypto-exchanges that are based in Peru.

As per media sources, Sergio Espinosa, who is the head of the financial regulatory body has made an official statement. He stated that their Government and Regulatory authorities have no plans of getting affected by the pandemic. They will do whatever is necessary in order to make sure that the crypto-industry is regulated in Peru.

Espinosa stated that the Government of Peru has already started to put together a team for regulatory purposes. Once the unit is ready, their role would be to keep a close eye on the existence and usage of the crypto-assets. The unit will also be responsible for monitoring whether the crypto-exchanges are adhering to the KYC and AML policies or not.

Espinosa also commended the current position and importance of Bitcoin (BTC) in the crypto-economy. He stated that the unit will have an extra focus on Bitcoin’s (BTC) transactions and flows.

He stated that Peru-Government’s utmost goal and priority is to regulate the crypto-industry as soon as possible. However, the regulator did make a comment around the information data related to crypto-assets. He stated that currently, the main challenge they are facing is the lack of information they are able to gather around the crypto-assets.

Espinosa stated that the first thing they are going to do is to make sure that the flow of crypto-asset data is regulated. This will ensure that the units designated to monitor the crypto-assets are not missing out on any details.

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