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Rossi takes a somewhat different view, describing Peru as a mature betting market while pointing to mobile penetration and a growing generation of digital consumers as sources of further growth.

“In my opinion it’s a mature market,” Rossi states. “Because historically, I believe Peru was one of the first betting markets in all of Latin America. Although the regulation was not there, betting was quite tolerated in the past.

“Of course, the room to grow is going along with the increasing penetration of mobile. And of course, demographically wise, a quite important area, a generation that is looking into online entertainment always wants more and more.”

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The distinction matters for crypto businesses. The filing shows regulatory work is moving forward, but exchanges and other market participants cannot yet consider it a set of rules they must adhere to. 

The CFTC’s move also comes as other US regulators continue to craft their own crypto policies. The agency and the Securities and Exchange Commission (SEC) jointly issued an interpretation in March on how certain crypto assets would be treated under federal securities laws. 

A lot of bigger questions remain without the CLARITY Act. The bill aimed to establish a federal framework for digital commodities and delineate the roles of the SEC and the CFTC. 

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