Peru’s banking regulator has approved an experimental crypto platform, marking the country’s first regulated foray into digital assets. The project, dubbed ‘Cryptococos’, will allow selected customers of the Bank of Peru (BCP) to buy and hold Bitcoin and USDC under the control of BitGo.
To participate in the pilot, users must register, demonstrate a minimum banking history with BCP and complete an investment risk assessment before making a purchase, according to Thursday’s announcement.
Authorized users will be able to buy and sell Bitcoin (BTC) and USDC (USDC) within a closed-loop system. This means that all trading takes place exclusively on the platform. This setup prevents transfers to external wallets and ensures “traceability and compliance with anti-money laundering and counter-terrorist financing regulations,” the companies said.
According to BCP, this action marks the first time that regulated Peruvian banks have been authorized to provide access to digital assets to their customers. The bank is Japan’s largest and oldest financial institution, founded in 1889, and manages approximately $52 billion in assets as of December 2024.
BitGo is a US-based digital asset infrastructure company founded in 2013 that provides crypto custody, wallet, and trading services to institutional customers around the world.
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Evolution of virtual currency in Peru
Although Peru allows the use of digital assets, fragmented regulations mean that cryptocurrency activities remain in a legal gray area. However, in recent years there has also been pressure from cryptocurrency fintech companies.
One company is Argentina-based Lemon Cash, which has been operating a hybrid model in Peru since August 2024. The company has licensed partners authorized by SBS to issue electronic money for remittances in Perusol. At the same time, the cryptocurrency exchange operates under an El Salvadoran license that allows trading and storage of digital assets.
Since its launch in Peru, Lemon Cash has attracted 1 million users and issued more than 150,000 Visa cards. The company on Wednesday announced a $20 million Series B funding round led by US funds F-Prime and ParaFi, with the aim of expanding into other Latin American countries.
Lemon Cash Chief Operating Officer Federico Biskupovic told Cointelegraph that expanding the adoption of cryptocurrencies in Peru will require “more competition to improve the user experience and give people more choice,” alongside strong efforts to build trust in the market.
Although regulatory progress has been slow, Peru’s central bank and government appear to be stepping up their efforts on digital assets.
In 2024, the Central Reserve Bank of Peru (BCRP) collaborated with Bitel to launch a digital currency, allowing users to transact on digital soles and promoting financial inclusion in rural areas.
In September 2025, Cointelegraph in Spanish Peru has partnered with digital identity startup Stamping.io to launch a pilot digital voting program and plans to integrate blockchain technology into the voting process ahead of national elections on April 12, 2026.
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