Peru’s banking regulator has approved the country’s first regulated crypto pilot platform, called Cryptococos, marking an important step in Peru’s move toward digital assets.
The project allows selected clients of Banco de Crédito del Perú (BCP), the nation’s largest and oldest bank, to buy and hold Bitcoin (BTC $121,287) and USDC ($1) under the custody of BitGo, a US-based digital asset infrastructure company.
According to Thursday’s announcement, participants must register, have a proven banking history with BCP, and complete a risk assessment before making crypto purchases. All transactions will take place within a closed-loop system, meaning transfers to external wallets are not allowed. This setup ensures full traceability and compliance with anti–money laundering and counter–terrorism financing regulations.
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BCP, founded in 1889 and managing about $52 billion in assets as of December 2024, said this marks the first time a regulated Peruvian bank has been authorized to offer customers access to digital assets. BitGo, founded in 2013, provides custody, wallet, and trading services for institutional clients worldwide.
Crypto activity in Peru grows despite unclear regulations
Peru allows the use of digital assets, but the country’s crypto market still operates in a legal gray zone because of fragmented regulation. Even so, several fintech firms have pushed forward with new initiatives.
Among them is Argentina-based Lemon Cash, which entered the Peruvian market in August 2024 using a hybrid model. The company works with a licensed local partner authorized by the SBS to issue electronic money in Peruvian soles, while its crypto exchange operates under an El Salvador license that permits digital asset trading and custody.
Since its launch, Lemon Cash has gained around 1 million users in Peru and issued more than 150,000 Visa cards. On Wednesday, it announced a $20 million Series B funding round led by US investors F-Prime and ParaFi to support its expansion into other Latin American markets.
