BCP’s Criptococos Brings Regulated Bitcoin Access to Peru

TLDR:

• Criptococos enables Bitcoin and USDC trading within Peru’s first regulated crypto banking system.
• Only verified BCP clients with investment knowledge can access the closed-loop crypto platform.
• BitGo Trust will secure all crypto assets acquired through BCP’s Criptococos pilot program.
• Lemon Cash and BCP’s entry signal rising crypto adoption in Peru despite unclear regulations.

Banco de Crédito del Perú (BCP), the largest financial institution in Peru, has launched a crypto banking platform named Criptococos. The project was developed in collaboration with BitGo, a U.S.-based company known for its digital asset infrastructure. 

Criptococos allows select users to buy and sell Bitcoin and USDC, a U.S. dollar-pegged stablecoin, through a regulated platform.

The platform operates under a pilot program approved by Peru’s Superintendency of Banking, Insurance, and Pension Fund Administrators (SBS). BCP is the first bank in the country to receive regulatory approval for a crypto initiative of this nature. 

The bank stated that this move is part of its effort to explore the digital asset space while ensuring compliance with national financial standards.

Meanwhile, transactions on the Criptococos platform are restricted to a closed-loop system, meaning crypto assets cannot be sent to or received from external wallets. This design helps monitor transactions and ensures adherence to anti-money laundering (AML) and counter-terrorism financing (CTF) rules.

BCP noted that only pre-approved clients will be able to use the platform. 

Participants must meet strict requirements, including having a prior banking history with BCP and passing a risk and investment knowledge assessment. This limited access is part of the regulator-approved pilot structure and aims to control and study the adoption process.

BitGo to Provide Custody Services

Digital assets acquired through Criptococos will be held by BitGo Trust Company, Inc., a regulated custodian based in the United States. 

BitGo provides segregated custody solutions for institutions and is responsible for safeguarding customer funds throughout the pilot period.

Luis Ayala, Managing Director at BitGo for Latin America, commented, 

However, some market watchers are cautious. “It’s still unclear how scalable this model will be in a country where most users rely on peer-to-peer and informal platforms,” one regional consultant said.

Growing Crypto Interest in Peru Amid Limited Regulations

Although Peru allows digital asset use, its legal framework remains fragmented. There is no clear crypto regulation in place, though fintech companies have been working under hybrid models. 

Argentina-based Lemon Cash, for example, launched in Peru using a dual setup, licensed by a local partner for fiat services and registered in El Salvador for crypto operations.

Since its launch, Lemon Cash has gained over 1 million users in Peru and continues to grow. 

“More competition will help improve user experience and trust,” said Lemon’s COO, Federico Biskupovich. The introduction of a regulated platform by a major bank adds a new layer to the evolving crypto market in the country.

Peru’s central bank has also taken steps toward digital finance. In 2024, it introduced a digital version of the Peruvian sol in partnership with telecom firm Bitel, aiming to boost financial inclusion in rural areas.

Future Developments in Digital Technology

In September 2025, a blockchain-based digital voting trial was announced. The program, set for the 2026 national elections, is being developed in partnership with local firm Stamping.io. This follows recent signs that the government is warming to new technologies.

BCP’s pilot is one of the first moves by a traditional financial institution to offer regulated access to crypto in Peru. The bank has not yet confirmed when or if the platform will be expanded beyond the pilot phase.

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