Peru’s banking regulator has authorized a pilot crypto platform, marking the country’s first regulated foray into digital assets. The project, dubbed Cryptococos, will allow select clients of Banco de Crédito del Perú (BCP) to buy and hold Bitcoin and USDC under BitGo’s custody.
To participate in the pilot, users must register, prove a minimum banking history with BCP, and complete an investment risk assessment before purchasing, according to Thursday’s announcement.
Approved users will be able to buy and sell Bitcoin (BTC) and USDC (USDC) within a closed-loop system, meaning all transactions occur exclusively on the platform. This setup prevents transfers to external wallets and ensures “traceability and compliance with anti–money laundering and counter–terrorism financing regulations,” the companies said.
The move marks the first time a regulated Peruvian bank has been authorized to offer customers access to digital assets, BCP said. The bank is the country’s largest and oldest financial institution, founded in 1889, managing about $52 billion in assets as of December 2024.
BitGo is a US-based digital asset infrastructure company founded in 2013, offering crypto custody, wallets and trading, among other services, to institutional clients worldwide.
Related: Peso in freefall: US lifeline to Argentina met with Bitcoiners’ doubt
The evolution of crypto in Peru
Peru permits the use of digital assets, but crypto activity remains in a legal gray area due to fragmented regulation. Yet, there has been a push from crypto fintech companies in recent years.
One is Argentina-based Lemon Cash, which has operated in Peru since August 2024 under a hybrid model. The company has a licensed partner authorized by the SBS to issue electronic money for transfers in Peruvian soles. At the same time, its crypto exchange runs under an El Salvador license that allows digital asset trading and custody.
Since its launch in Peru, Lemon Cash has attracted 1 million users and has issued over 150,000 Visa cards. On Wednesday, the company announced a $20 million Series B funding round led by US funds F-Prime and ParaFi to expand to other Latin American countries.
Federico Biskupovich, chief operating officer at Lemon Cash, told Cointelegraph that expanding crypto adoption in Peru will require “more competition to improve user experiences and give people more options to choose from,” alongside stronger efforts to build trust in the market.
Despite the slow regulatory progress, Peru’s central bank and the government do appear to be warming up to digital assets.
In 2024, the Central Reserve Bank of Peru (BCRP) launched a digital currency in collaboration with Bitel, letting users transact with digital soles to promote financial inclusion in rural communities.
In September 2025, Cointelegraph en Español reported that Peru plans to launch a pilot digital voting program in partnership with digital identity startup Stamping.io, integrating blockchain technology into the voting process ahead of the April 12, 2026, national elections.
Magazine: Is the cryptocurrency epicenter moving away from East Asia?
