Peru’s Big Bank Opens the Crypto Door-Regulated, Not Wild West

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In a Peru where financial regulations sometimes resemble a particularly stubborn iguana, the banking regulator has given a polite nod to a pilot crypto platform. The project, cheekily dubbed Cryptococos, will let chosen clients of Banco de Crédito del Perú (BCP) buy and keep Bitcoin and USDC under the austerely helpful custody of BitGo. Think of it as lending digital coins a roof and a teacup, with a stern face on the doorbell. 😏🪙

To waddle aboard the pilot, users must register, prove a minimum banking history with BCP, and complete an investment risk assessment before purchasing. All very sensible in a world where even sandcastles require planning permission. 🏗️🧭

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. No wandering off to external wallets, no midnight raids by rogue wallets wearing pepperoni masks. It’s all traceable and compliant with anti-money laundering and counter-terrorism financing regulations, which is to say the regulators will be watching like a cat with a clipboard. 🐱‍💼✅

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-a respectable amount of money to guard, if you’re into that sort of existential sculpture. 🏛️💰

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. Because nothing says “we’ve got your keys” like a multinational with a good acronym. 🔐🌐

The evolution of crypto in Peru

Peru permits the use of digital assets, but crypto activity remains in a legal gray area due to a regulatory hodgepodge. Yet there has been a determined push from crypto fintechs in recent years, like a chorus of enthusiastic parrots shouting into a wind instrument. 🦜🎺

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, while its crypto exchange runs under an El Salvador license that allows digital asset trading and custody. It’s the kind of regulatory sightseeing tour that wouldn’t surprise a Discworld citizen in a magical bazaar. 🧭🧩

Since its launch in Peru, Lemon Cash has attracted 1 million users and 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. If you squint at it just right, it looks like growth, or perhaps a very well-timed fireworks show. 🚀💳

Federico Biskupovich, chief operating officer at Lemon Cash, told CryptoMoon 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. In other words, more shiny things to trip over and fewer dragons in the hallway. 🗺️🐲

Despite the slow regulatory progress, Peru’s central bank and the government do appear to be warming up to digital assets. A gentle thaw, like a penguin in a tropical suit. 🐧🧊

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. A little digital footpath for the country’s wandering soles, if you will. 👣💵

In September 2025, CryptoMoon 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. It’s democracy with a dash of ledger lines-trust but verify, and maybe bookmark the receipts. 🗳️🔗

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2025-10-10 00:23