Peru’s largest banking institution, BCP, has taken a significant step by launching a pilot cryptocurrency platform sanctioned by the national regulator. This initiative allows selected clients to buy and store Bitcoin and USDC safely.

For clients wanting to participate, registration is required alongside proof of a minimum banking history with BCP and an investment risk assessment prior to any transactions, as detailed in Thursday’s announcement.

Approved participants will engage in buying and selling activities within a solely internal system, which restricts transfers to external wallets to maintain compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

BCP, recognized as the first regulated Peruvian bank to provide customers with access to digital assets, has managed assets amounting to approximately $52 billion as of December 2024, and is the nation’s oldest bank, established in 1889.

Additionally, BitGo, founded in 2013, supports this initiative by offering infrastructure services for digital asset custody and trading.

The Growth of Cryptocurrency in Peru

Peru recognizes digital asset usage; however, the regulatory landscape is still developing. There’s an emerging interest from crypto fintechs in recent years. One such company, Argentina’s Lemon Cash, has been operational in Peru under a hybrid model since August 2024, partnering with a licensed entity authorized to manage electronic money.

Since its entry, Lemon Cash has garnered around 1 million users, providing over 150,000 Visa cards. Recently, it announced a $20 million Series B funding round aimed at expansion throughout other Latin American markets.

According to Biskupovich, advancing the crypto landscape in Peru necessitates increased competition to enhance user experience and build trust in the market.

Despite the current slow pace of regulatory advancement, it appears the Central Reserve Bank of Peru (BCRP) and the government are beginning to adopt digital assets more openly, as demonstrated by their initiatives in digital currency and potential pilot projects for blockchain-based voting.