A Focused Systematic Review of the Regulation for the Crypto Asset in Peru and Its Limits

Abstract

This research article evaluates the current legislative proposal for a crypto-assets law in Peru. It is noteworthy that various regulatory entities within the country’s financial system have explicitly expressed their opposition to the legislative proposal. Despite this, the Peruvian Congressional Commission responsible for evaluating the approval has overlooked the pronouncements of regulatory entities, basing its decision on similar legislative initiatives in various South American countries. Therefore, the purpose of this research is to highlight the deficiencies of the legislative proposal and the potential consequences of its regulation under these terms, as well as to make recommendations and gather international experience in the regulation of crypto assets. In this regard, a systematic analysis of official documents from Peru and the content of 169 research articles retrieved from the ScienceDirect, Scopus and IEEE database has been conducted. It is worth noting that for this analysis, a systematic review of primary sources and the Preferred Reporting Items for Systematic Reviews and Meta-Analyses for Abstract (PRISMA-A) and Population, Intervention, Comparison and Outcome (PICO) guideline were used, enabling a rigorous and transparent investigation to showcase influential and important studies addressed from 2020 to the present. In summary, this research presents the deficiencies in the legislative proposal, along with the most recent trends in the regulation of crypto assets. Furthermore, we suggest that legislators be more critical when proposing such legislative initiatives, and we believe that this article could serve as a basis for future study on the regulation of crypto assets.