Peru's Largest Bank BCP Launches Regulated Crypto Pilot with BitGo

Executive Summary

Banco de Crédito del Perú (BCP), the largest financial institution in Peru, has initiated a regulated pilot program, "Cryptococos," in partnership with BitGo. This move, authorized by the Superintendencia de Banca, Seguros y AFP (SBS) in April 2025, allows 5,000 selected clients to buy and hold Bitcoin (BTC) and USD Coin (USDC) within a controlled environment. The initiative establishes a significant precedent for institutional engagement with digital assets in Latin America, focusing on regulatory compliance and risk mitigation.

The Event in Detail

BCP, Peru's largest and oldest financial institution, managing approximately $52 billion in assets as of December 2024, launched its pilot crypto platform "Cryptococos" following authorization from the Superintendencia de Banca, Seguros y AFP (SBS) in April 2025. This program enables a select group of 5,000 users to engage in the purchase and holding of Bitcoin (BTC) and USD Coin (USDC). The bank has strategically partnered with BitGo, a US-based digital asset infrastructure company founded in 2013, to provide secure custody services for the digital assets, thereby mitigating BCP's direct exposure to private key management risks.

The "Cryptococos" platform operates under a stringent closed-loop system. This design mandates that all transactions, including buying and selling, occur exclusively within the platform, preventing external transfers of digital assets. This operational framework is critical for ensuring full traceability and compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, as stated by the participating entities. To participate in the pilot, prospective users must register, demonstrate a minimum banking history with BCP, and complete a comprehensive investment risk assessment.

Market Implications and Strategic Positioning

BCP's launch represents a strategic first-mover advantage within the Peruvian banking sector, positioning the institution as an innovator in regulated cryptocurrency services. The adoption of a regulatory sandbox by the SBS facilitates controlled experimentation while upholding stringent compliance standards. By collaborating with BitGo for custody, BCP aligns with global best practices wherein traditional financial institutions increasingly partner with fintech specialists to navigate the complexities of digital asset integration. This approach deconstructs the financial mechanics by isolating risk through third-party custody and ensuring transactional integrity via the closed-loop system, directly addressing primary regulatory concerns regarding digital asset volatility and illicit finance.

The initiative extends beyond basic trading, with BCP actively exploring the development of a Bitcoin payment card. This innovative product would enable users to conduct transactions in local currency (Peruvian soles) by debiting Bitcoin from their accounts, mirroring models already implemented in the U.S. and Europe. Such advancements hold particular relevance in Peru, where over 30% of the adult population remains unbanked, offering a potential bridge between digital assets and everyday financial needs. This strategy contrasts with existing hybrid models, such as that employed by Argentina-based Lemon Cash, which operates with a licensed partner for local currency and an El Salvador license for crypto exchange, highlighting the varied approaches to market entry in Latin America.

Broader Context

This move by BCP signifies a pivotal step for institutional crypto adoption across Latin America. Peru's regulatory landscape, while permitting digital assets, has historically been characterized by fragmented regulation and legal ambiguity. The SBS-authorized pilot directly addresses this by providing a clear, regulated pathway for digital asset engagement within the traditional financial system. This development sets a crucial precedent, encouraging other financial institutions in Peru and neighboring emerging markets to explore similar crypto offerings to maintain competitiveness and cater to evolving customer demands. Ultimately, BCP's initiative contributes to enhancing regulatory clarity and fostering broader mainstream integration of digital assets within the Web3 ecosystem.