Bitcoin News Today: BCP Balances Innovation with Security in Peru's First Regulated Crypto Platform

Banco de Crédito del Perú (BCP), the largest bank in Peru, has launched Criptococos, the country's first regulated crypto banking platform, marking a significant step in the integration of digital assets into the traditional financial system. The initiative, authorized by the Superintendency of Banking, Insurance, and Pension Fund Administrators (SBS), allows select clients to buy and sell Bitcoin (BTC) and the stablecoin USDC within a closed-loop system. Transactions are fully traceable and compliant with anti-money laundering (AML) and counter-terrorism financing (CTF) policies, ensuring regulatory adherence from inception.

The platform is a collaboration between BCP and BitGo, a U.S.-based digital asset infrastructure company. BitGo Trust Company, Inc. will hold the acquired crypto assets in custody, leveraging its institutional-grade security infrastructure, including segregated accounts and $250 million in insurance coverage for theft or loss. This partnership underscores BCP's commitment to balancing innovation with the security standards of Peru's financial system. Lenin Tarrillo, Head of Crypto and Blockchain at BCP, emphasized that Criptococos aims to "provide the trusted security of the Peruvian financial system in the context of modern digital assets," aligning with the bank's 135-year legacy of innovation.

Eligibility for the pilot program is restricted to a limited group of BCP clients. Participants must demonstrate a minimum banking history with the institution and complete a crypto investment risk assessment. The closed-loop structure prevents transfers to external wallets, ensuring all activity remains within the platform. This design not only enhances compliance but also mitigates risks associated with external market volatility or fraud. BitGo's role in the initiative highlights its expanding presence in Latin America, a region BitGo's Managing Director Luis Ayala described as "one of the most dynamic markets in the world" for digital asset adoption.

Peru's regulatory environment for crypto remains fragmented, with digital assets permitted but operating in a legal gray area. However, the SBS's authorization of Criptococos signals a shift toward structured oversight. This move aligns with broader trends in the region, such as Argentina-based fintech Lemon Cash's hybrid model in Peru, which combines electronic money services with cross-border crypto trading under foreign licenses. Despite regulatory challenges, Peru's central bank has shown interest in digital innovation, including a 2024 pilot for a digital currency to promote financial inclusion in rural areas.

BCP's foray into crypto reflects its position as a leader in Peru's financial sector, managing $52 billion in assets as of December 2024. The bank's initiative also complements Peru's growing crypto user base, with over 1.3 million citizens holding digital assets as of 2025. Meanwhile, BitGo, founded in 2013, has established itself as a global custodian, serving institutional clients and exchanges worldwide. The partnership positions both entities to expand their influence in a market where crypto adoption is increasingly seen as a tool for financial inclusion and technological modernization.

The launch of Criptococos follows a global trend of traditional institutions integrating digital assets. Similar initiatives in countries like El Salvador-where Bitcoin was briefly legal tender-have faced regulatory and public acceptance challenges. Peru's approach, however, emphasizes gradual, regulated integration, with the SBS's sandbox framework enabling experimentation while maintaining safeguards. This strategy may serve as a model for other Latin American nations seeking to balance innovation with financial stability.

Source: [1] BCP Launches Criptococos, the First Crypto Banking Platform in Peru Powered by BitGo (https://markets.financialcontent.com/stocks/article/bizwire-2025-10-9-bcp-launches-criptococos-the-first-crypto-banking-platform-in-peru-powered-by-bitgo)

[2] BCP, BitGo Launch Peru's First Regulated Crypto Pilot (https://cointelegraph.com/news/bcp-first-peruvian-bank-regulated-crypto)

[3] BitGo Powers Criptococos: Peru's First Crypto-Enabled Banking Platform (https://www.bitgo.com/resources/blog/bitgo-powers-criptococos-perus-first-crypto-enabled-banking-platform/)