Bitcoin News Today: BCP Bridges Peruvian Banking Trust with Crypto Innovation in Regulated Leap

Banco de Crédito del Perú (BCP), Peru's largest financial institution, has launched the nation's first regulator-approved pilot platform for crypto transactions, enabling select clients to buy and hold Bitcoin and USDC under institutional-grade custody. The initiative, named CriptoCocos, operates within a closed-loop system authorized by Peru's Superintendencia de Banca, Seguros y AFP (SBS) and is designed to integrate digital assets into the traditional financial framework while adhering to anti-money laundering (AML) and counter-terrorism financing (CTF) regulations .

The pilot, which began in October 2025, allows registered BCP clients to transact in Bitcoin and the stablecoin USDC through a platform developed by the bank's internal innovation lab. Participation requires a minimum banking history with BCP, completion of a risk assessment, and approval from the institution. All transactions occur exclusively within the CriptoCocos platform, with digital assets held in custody by BitGo Trust Company, a U.S.-based institutional custodian specializing in digital asset security . This closed-loop structure prevents transfers to external wallets, ensuring full traceability and compliance with regulatory requirements .

BitGo's role in the pilot underscores the growing collaboration between traditional banks and crypto infrastructure providers in Latin America. The custodial firm provides secure wallet infrastructure, segregated client accounts, and institutional-grade compliance measures, including $250 million in insurance coverage for theft or loss . Lenin Tarrillo, BCP's Head of Blockchain and Cryptoassets, emphasized that the initiative aims to "bridge the trusted security of the Peruvian financial system with modern digital assets," positioning the bank as a leader in regulatory innovation .

Peru's regulatory environment for crypto remains fragmented, with no comprehensive legal framework in place. However, the SBS has mandated anti-money laundering reporting for virtual asset service providers since 2023, and the central bank has explored a digital currency pilot for rural financial inclusion. BCP's CriptoCocos project represents a cautious yet significant step toward formal integration of crypto into Peru's financial system. The bank has also tested blockchain applications internally through the "Blockchain Gifts" program, where employees used non-tradable tokens for in-house purchases, demonstrating operational feasibility without exposing users to market volatility .

The pilot's phased approach includes an initial 3,000 customer limit for crypto transactions, with plans to expand offerings based on regulatory guidance and pilot outcomes . This aligns with broader trends in Latin America, where countries like Argentina and Brazil are also advancing blockchain adoption in public services and financial infrastructure . For instance, Argentina's Buenos Aires City Government recently launched "BA Cripto," allowing cryptocurrency payments for taxes and public services, while Brazil debated the potential creation of a Sovereign Strategic Bitcoin Reserve .

Peru's 1.5 million estimated crypto holders now have a regulated pathway to engage with digital assets, albeit under strict controls. The closed-loop model mitigates risks associated with price volatility and illicit activity, aligning with the central bank's focus on a central bank digital currency (CBDC) rather than embracing decentralized alternatives like Bitcoin. Nonetheless, BCP's initiative signals institutional confidence in crypto's long-term role within the financial ecosystem, particularly as cross-border payment demand grows .

[1] The Crypto Times (https://www.cryptotimes.io/2025/09/05/perus-bcp-executes-first-crypto-payment-in-banking-pilot/)

[2] Ethnews (https://www.ethnews.com/bcp-pilots-restricted-bank-token-for-internal-payments-in-peru/)

[3] La República (https://larepublica.pe/zona-crypto/2025/10/07/bcp-lanza-criptococos-la-primera-plataforma-bancaria-de-cripto-en-el-peru-hnews-572635)

[4] BitGo (https://www.bitgo.com/resources/blog/bitgo-powers-criptococos-perus-first-crypto-enabled-banking-platform/)

[5] Coinotag (https://en.coinotag.com/perus-bcp-could-offer-bitcoin-in-regulator-authorized-pilot-crypto-platform/)

[6] Cointelegraph (https://www.tradingview.com/news/cointelegraph:a387ded6f094b:0-bcp-becomes-first-peruvian-bank-to-offer-regulated-crypto-access/)

[7] Invezz (https://invezz.com/news/2025/08/23/latam-crypto-news-peru-pushes-blockchain-boundaries-while-argentina-bets-on-crypto-taxes/)