BCP crypto pilot: Banco de Crédito del Perú has launched a regulator‑approved pilot allowing select clients to buy and hold Bitcoin and USDC in a closed‑loop platform under BitGo custody, requiring registration, a minimum banking history and a risk assessment to ensure AML/CTF traceability.
-
Regulated pilot enabling BCP clients to trade Bitcoin and USDC
-
Closed‑loop system prevents transfers to external wallets for traceability and compliance
-
Total assets managed by BCP ~ $52 billion (Dec 2024); BitGo custody used for secure storage
BCP crypto pilot: Peru bank launches regulator-approved Bitcoin and USDC platform—learn eligibility, custody and compliance steps. Read now.
Peru’s largest bank, BCP, has launched a pilot crypto platform authorized by the national regulator, allowing select clients to buy and hold Bitcoin and USDC.
Peru’s banking regulator has authorized a pilot crypto platform, marking the country’s first regulated foray into digital assets. The project, dubbed Cryptococos, will allow select clients of Banco de Crédito del Perú (BCP) to buy and hold Bitcoin and USDC under BitGo’s custody.
What is the BCP crypto pilot and who can join?
The BCP crypto pilot is a regulator‑approved program that lets eligible BCP clients buy and sell Bitcoin (BTC) and USDC within a closed‑loop platform. Participation requires registration, a minimum BCP banking history and completion of an investment risk assessment before transactions are permitted.
How does the closed‑loop system work?
All trades occur inside the platform and cannot be withdrawn to external wallets. This closed environment ensures transaction traceability and strengthens compliance with anti‑money laundering (AML) and counter‑terrorism financing (CTF) regulations.
Approved users can buy and sell Bitcoin and USDC inside the platform only, with custody services provided by BitGo, a US‑based digital asset infrastructure firm founded in 2013. BitGo provides institutional custody and wallet services designed to meet regulatory and institutional standards.
Why is this pilot significant for Peru’s crypto regulation?
BCP’s pilot represents the first time a regulated Peruvian bank has been authorized to offer retail access to digital assets. The move signals a cautious but concrete step by Peru’s financial authorities toward integrating crypto into regulated banking services.
What does this mean for market participants?
For consumers, the pilot provides a supervised pathway to access Bitcoin and USDC. For fintech and crypto firms, it shows increasing institutional acceptance and may prompt broader collaboration between banks and crypto infrastructure providers.
Total value in crypto received by LATAM countries. Source: Chainalysis
Peru permits digital assets but has fragmented regulation. Crypto fintechs have nonetheless expanded services. For example, Lemon Cash has operated in Peru under a hybrid model since August 2024, reporting 1 million users and issuing over 150,000 Visa cards.
How does the BCP pilot compare with existing fintech models?
The BCP crypto pilot differs from hybrid fintechs by operating inside a regulated banking environment with closed‑loop custody and formal regulator approval. Hybrid models may use licensed partners for fiat services while running crypto trading under other jurisdictions’ licenses.
Frequently Asked Questions
Is the BCP crypto pilot open to all bank customers?
Not immediately. The pilot targets select customers who meet registration criteria, a minimum banking history and pass a risk assessment. Broader availability will depend on pilot outcomes and regulator guidance.
Can I withdraw crypto to an external wallet?
No. The platform uses a closed‑loop model, so assets remain within the system to ensure compliance and traceability—external transfers are blocked.
Key Takeaways
- Regulated entry: BCP’s pilot is the first bank‑approved crypto offering in Peru, signaling institutional acceptance.
- Closed‑loop custody: Bitcoin and USDC are held under BitGo custody and cannot be moved to external wallets.
- Onboarding controls: Participation requires registration, a minimum banking history and a risk assessment to meet AML/CTF rules.
How to join the BCP crypto pilot (step‑by‑step)
- Register for the pilot through your BCP account when invitations open.
- Provide proof of a minimum BCP banking history as requested.
- Complete the mandatory investment risk assessment and identity verification.
- Once approved, buy and sell Bitcoin and USDC inside the closed‑loop platform.
Conclusion
The BCP crypto pilot marks a pivotal, regulated step for digital assets in Peru, combining bank oversight, BitGo custody and strict onboarding to prioritize compliance. Watch for pilot results to gauge if this model will expand to more customers and influence wider crypto regulation in Latin America. For ongoing coverage, refer to en.coinotag.com.
