BCP Launches Peru’s First Regulated Crypto Service

Banco de Crédito del Perú (BCP), the country’s largest and oldest financial institution, has quietly broken new ground with the launch of a regulated crypto pilot programme called Criptococos.

Overview

According to a Thursday announcement, in order to participate in the pilot, users must register, prove a minimum banking history with BCP, and complete an investment risk assessment before purchasing. Approved by Peru’s banking regulator, this platform allows select BCP clients to

buy and hold

Bitcoin (BTC) and the stablecoin USDC. Key features of the programme include:

• Closed-loop custody: Cryptocurrencies acquired through the platform cannot be transferred to external wallets. All activity occurs within the Criptococos ecosystem. 
• Regulated custody provider: Assets are held under BitGo’s custody, giving institutional-grade security and regulatory oversight. 
• Strict onboarding requirements: Only clients who meet certain criteria — such as a minimum banking history with BCP, risk assessment, and identity verification — can participate. 

Why This Is Significant for Peru

Peru has had a fairly fragmented landscape around cryptocurrencies: legal ambiguity, some fintechs operating in hybrid or partially regulated models, but no major bank directly offering crypto under a regulatory framework. 

BCP’s move through Criptococos is a watershed, because:

• It is the first time a regulated Peruvian bank has been authorised to offer customers access to digital assets. 
• It reflects growing regulatory acceptance of digital assets in Peru, even as full legislation remains incomplete. 
• The design of the pilot ensures compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) rules, due to restrictions like the closed-loop system. 

What to Watch Going Forward

While Criptococos is a pilot, its implications could be far-reaching:

• Expansion of access: At this stage, access is limited to pre-approved clients. Over time, if successful, the service may be made more broadly available. 
• Regulatory clarity: The pilot could inform future regulation in Peru, helping define how banks may incorporate digital assets more generally.
• Market trust and competition: Having a major bank offering a regulated gateway to crypto may build trust among potential users and push other financial institutions and fintechs to innovate under regulatory observance. 

BCP’s Criptococos pilot marks a milestone for Peru’s financial sector, transitioning crypto from fringe fintech activity toward regulated banking services. While currently limited in scope, its emphasis on security, regulatory compliance, and institutional custody offers a potential path forward for how traditional banks might integrate cryptocurrencies into their offerings.