China vs Peru
Crypto regulation comparison
China
Peru
Banned
Legal
China has imposed a comprehensive ban on cryptocurrency activities. In September 2021, the PBOC and ten other agencies jointly declared all cryptocurrency transactions illegal, and the State Council banned crypto mining. China is instead promoting the digital yuan (e-CNY) CBDC.
Cryptocurrency is legal in Peru but lacks comprehensive regulation. The SBS (Superintendencia de Banca, Seguros y AFP) oversees AML requirements. Peru has growing crypto adoption, particularly for remittances. Crypto gains are subject to capital gains tax at 5% for the first 5 UIT and at higher rates for larger amounts.
Tax Type
Unclear
Tax Type
Capital gains
Tax Rate
N/A
Tax Rate
5-30%
Exchanges
No
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
PBOC (People's Bank of China), CBIRC, CSRC
Regulator
SBS, SMV, BCRP (Central Reserve Bank of Peru)
Stablecoin Rules
Not applicable; all crypto activities are banned
Stablecoin Rules
No specific stablecoin regulation
Key Points
- All crypto transactions declared illegal by PBOC and 10 agencies in September 2021
- Crypto mining banned by the State Council in 2021 after a series of provincial crackdowns
- Financial institutions and payment companies prohibited from facilitating crypto services
- China actively developing and piloting the digital yuan (e-CNY) CBDC
- Despite the ban, some Chinese citizens reportedly access crypto via VPNs and OTC desks
Key Points
- No specific crypto legislation; general financial laws apply
- Capital gains tax applies to crypto profits (5% for securities, up to 30% for other income)
- SBS requires AML/KYC compliance for entities dealing in crypto
- Growing crypto adoption for remittances and as a store of value
- BCRP has warned about crypto risks but not imposed a ban