Peru: The expectation for regulating crowdfunding continues

A panel discussion was organized in the Congress of the Republic

Congressman Percy Alcalá and Emprende UP held a conference in the Congress in which the scope of the Law of Crowdfunding.

Last week the Executive presented to Congress a bill with the objective of regulating and supervising the crowdfunding, as well as the companies that manage these platforms. The Crypto Legal reported thereon.

This initiative is in addition to the one that the congressman Percy Alcalá I had previously presented in the middle of last year to regulate the same subject.

Oscar Salas, general manager of Afluenta Peru, Platform of crowdlending that operates in the country and that until now has granted S / 60 millions in credits, highlighted the importance of a platform regulation in the country:

"Technology can grant access to loans with the same guarantees as a financial institution and without traditional costs," Salas said.

On the other hand, Alvaro Castro partner Sumara Legal Hub said "Any law passed must lead us to a better situation than the current one."

Likewise, he pointed out that an excessive field of discretion on the part of the regulator can be detrimental to the regulated. «It is important to establish an exceptional regime on interest rates if we want financial inclusion», Agregó.

It should be noted that if the project is approved, the SMV it would have the power to supervise the management companies of technological platforms, which may be computer applications or electronic or digital means of communication.

In addition, in case a company requests authorization for the development of loans, the SBS would issue an opinion in advance.

The future regulation on crowdfunding

Regulatory burdens, such as establishing minimum capital, are pending further regulation by the SMV.

«The focus will be on the next regulation. Hopefully it will be flexible like the project that the Executive has already presented. It would be ideal to include the unaffection of VAT to crowdfunding loans », said Ljubica Vodanovic, partner of Vodanovic Legal.

«It is the SMV who will take the leading role. You should verify the quality of the information of the projects that seek to attract funds. It is also important to establish a limit for the deduction to the income tax of the company that takes the indebtedness. An exemption should be assessed to deduct interest on loans », commented Andrés Kuan Veng, partner of the Muñiz study.

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Yamile Cárdenas
Yamile is a lawyer from the Pontificia Universidad Católica del Perú (PUCP). He is currently studying a Master's in Media and Politics at the University of Bologna, Italy. He has worked at SEMANAeconómica, EY Peru, ProInversion, PetroPeru, among others. Contact: yamile.cardenas@studio.unibo.it

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