TLDR
- BCP and BitGo have launched Peru’s first regulated crypto banking platform named Cryptococos.
- The platform allows select BCP clients to buy and hold Bitcoin and USDC within a closed system.
- Users must register, meet banking history requirements, and complete a risk assessment to join.
- All transactions will remain within the platform to ensure full compliance with financial regulations.
- BitGo will provide custody services and secure digital asset infrastructure for the pilot program.
Peru has taken a significant step in digital finance. BCP and BitGo have launched the nation’s first regulated crypto banking platform. The pilot program, named Cryptococos, allows users to buy Bitcoin and USDC directly within BCP’s ecosystem.
Bitcoin Trading Goes Live Within Regulated Framework
BCP and BitGo will enable verified users to trade Bitcoin on the new Cryptococos platform. The banking regulator authorized the pilot program to operate under strict compliance conditions. Transactions will occur only within the platform’s closed-loop system.
This structure ensures that assets like Bitcoin remain inside the BCP and BitGo network. Transfers to external wallets are not allowed to guarantee full transaction traceability. “This supports anti-money laundering and counter-terrorism measures,” the companies stated.
To access the service, users must meet specific requirements. They need an existing banking history with BCP and must pass a risk assessment. BCP and BitGo designed the onboarding process to screen users and maintain compliance standards effectively.
USDC Integration Adds Stable Option for Investors
Alongside Bitcoin, BCP and BitGo are offering access to USDC, a regulated stablecoin pegged to the U.S. dollar. The companies believe USDC provides a secure option during volatile market conditions. As with Bitcoin, USDC will remain within the platform to ensure regulatory oversight.
BitGo will act as the digital asset custodian, protecting user funds through institutional-grade infrastructure. It has supported global crypto firms since 2013 and manages digital wallets and trading tools. BCP trusts BitGo’s experience to help Peru enter the digital asset space securely.
Both assets, Bitcoin and USDC, will be available only to selected clients. This helps BCP and BitGo control risk and refine operations before expanding further. Clients will buy and hold assets within the platform without requiring external transfers.
BCP BitGo Push Spurs Peru’s Crypto Progress
This is the first time BCP and BitGo have jointly provided crypto access within a regulated Peruvian banking system. BCP manages $52 billion in assets and is Peru’s oldest bank, while BitGo brings global experience in crypto custody.
Although crypto remains in a legal gray area in Peru, the move signals increasing acceptance. In 2024, the Central Reserve Bank launched a digital currency in collaboration with Bitel to promote financial inclusion. BCP and BitGo now follow this trend with institutional-grade crypto access.
