Peru’s banking authority has greenlit a pilot cryptocurrency platform, representing the nation’s inaugural regulated venture into digital assets. The initiative, named Cryptococos, will enable select clients of Banco de Crédito del Perú (BCP) to purchase and hold Bitcoin and USDC, safeguarded by BitGo.
To join the pilot, users need to register, demonstrate a minimum banking history with BCP, and conduct an investment risk assessment prior to buying, as stated in Thursday’s announcement.
Approved participants will gain the ability to buy and sell Bitcoin (BTC) and USDC (USDC) within a closed-loop ecosystem, ensuring all transactions are confined to the platform. This arrangement prevents transfers to external wallets and guarantees “traceability and compliance with anti-money laundering and counter-terrorism financing regulations,” according to the companies.
This initiative marks the first occasion a regulated Peruvian bank has been authorized to provide customers with access to digital assets, as reported by BCP. The bank is the oldest and largest financial institution in the country, established in 1889, managing approximately $52 billion in assets as of December 2024.
BitGo is a US-based digital asset infrastructure firm established in 2013, offering services such as crypto custody, wallets, and trading to institutional clients globally.
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The evolution of crypto in Peru
Peru allows the use of digital assets, yet cryptocurrency activities are still navigating a legal gray area due to fragmented regulations. Nonetheless, there has been a concerted effort from crypto fintech enterprises in recent years.
One such company is Argentina-based Lemon Cash, operating in Peru since August 2024 with a hybrid model. It partners with a licensed entity approved by the SBS to issue electronic money for transfers in Peruvian soles, while its crypto exchange operates under an El Salvador license facilitating digital asset trading and custody.
Since launching in Peru, Lemon Cash has amassed 1 million users and issued over 150,000 Visa cards. Recently, the company announced a $20 million Series B funding round led by U.S. funds F-Prime and ParaFi to extend its reach to other Latin American nations.
Federico Biskupovich, COO at Lemon Cash, informed Cointelegraph that fostering crypto adoption in Peru necessitates “more competition to enhance user experiences and provide individuals with greater choices,” along with stronger initiatives to build trust within the market.
Despite slow regulatory advancements, it seems both the central bank and the government of Peru are becoming more receptive to digital assets.
In 2024, the Central Reserve Bank of Peru (BCRP) introduced a digital currency in collaboration with Bitel, enabling users to transact using digital soles to enhance financial inclusion in rural areas.
Furthermore, in September 2025, Cointelegraph en Español reported on Peru’s plan to launch a pilot digital voting initiative in collaboration with the digital identity startup Stamping.io, integrating blockchain technology into the voting system ahead of the national elections scheduled for April 12, 2026.
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