13 May Crypto Assets As Capital Contributions: An Opportunity Peru Is Already Building
André Castillo
Israel Pérez
“In Peru, the adoption of crypto assets can no longer be seen as a technological curiosity or a fringe phenomenon”.
According to a Lemon report cited by Gestión (03/31/2026), the country ranks among the fastest-growing markets for crypto users in Latin America: by 2024, more than one million Peruvians held crypto assets (SBS), transaction volumes grew 20% year-over-year, and adoption doubled within a single year. In 2025, crypto app downloads reached nearly three million, and the active user base doubled compared to 2024. But perhaps the most telling insight is not just how fast the market is growing, but how it is being used in Peru: unlike other countries in the region, where adoption is primarily linked to saving or investment, here it is more closely tied to payments, transfers, and practical, everyday use cases.
This distinction is not trivial. It reflects a deeply Peruvian trait: the ability to adapt to adversity, to find practical solutions even in uncertain environments, and to keep daily life moving despite instability or limited predictability. Peruvians operate within a context shaped by recurring crises, systemic informality, slow traditional channels, and a constant need to rethink how to work, pay, save, or do business. In that setting, technology is not adopted for trendiness, but for utility. And this is where crypto assets—particularly so-called “digital dollars,” which account for roughly 30% of holdings in the country and around 80% of purchase activity—emerge not just as a financial alternative, but as a tool for adaptation.
This reality raises a natural question in the corporate sphere: if crypto assets are already part of everyday economic activity, can they also be used to incorporate or capitalize a company? In Peru, the answer is yes.
Capital companies remain the primary vehicle for doing business, and share capital plays a central role in corporate activity. Traditionally, contributions are associated with cash or tangible assets, but corporate law has long recognized non-cash contributions, including intangible assets. Within this framework, crypto assets may be contributed to share capital, provided certain legal and registry requirements are met.
A simple clarification is helpful here. “Crypto asset” is the broader category, encompassing various digital assets based on distributed ledger technologies such as blockchain. Cryptocurrencies fall within this category, but so do other types of tokens. Not all serve the same function: some operate as a medium of exchange, others grant access to services or platforms, and others resemble investment instruments. In short, every cryptocurrency is a crypto asset, but not every crypto asset is a cryptocurrency.
The Central Reserve Bank of Peru has stated that cryptocurrencies are unregulated digital assets that do not qualify as legal tender and do not fully perform the traditional functions of money. Accordingly, when contributed to a company, they are not treated as cash, but as non-cash (in-kind) contributions.
Under Peruvian corporate law, in-kind contributions may consist of either registrable or non-registrable assets. Cryptocurrencies fall into the latter category, as they are not subject to a specific registry within the national legal system. As a result, two key requirements must be met for their contribution: (i) a valuation report of the asset, and (ii) a receipt certification issued by the company’s manager or authorized representative, confirming that the asset has been effectively transferred to the company. This framework is set out in Article 35 of the Companies Registry Regulations.
This position has been confirmed by the Peruvian Registry Tribunal in Resolution No. 4920-2024-SUNARP-TR, which recognizes that cryptocurrencies may be classified as movable property under subsection 10 of Article 886 of the Civil Code and, therefore, may be contributed as capital. The significance of this decision is substantial: this is no longer merely a doctrinal or comparative discussion, but a concrete registry-level precedent that opens a practical pathway within Peruvian corporate practice.
The ruling also clarifies a common concern. The requirement that share capital be expressed in Peruvian soles does not prevent contributions in cryptocurrencies. What the corporate system requires is that the contributed asset be valued in local currency for corporate and registry purposes. In other words, the cryptocurrency does not replace the sol as the unit of account; it is simply translated into soles for legal incorporation into share capital.
This reasoning aligns with the broader Peruvian legal framework. Although cryptocurrencies are not legal tender, their possession and circulation are not prohibited. As such, they may be treated as assets with economic value. From a corporate standpoint, any asset with economic value may be contributed to share capital, provided it can be valued, identified, and effectively transferred to the company.
While the aforementioned resolution refers specifically to cryptocurrencies, its reasoning supports the view that other crypto assets could also be contributed under similar conditions. This raises an important policy question: whether there is a need for a specific regulatory framework for these assets and, if so, whether it would be appropriate to subject them to regulatory sandbox environments. Such mechanisms could allow for the development of a more precise legal treatment, taking into account factors such as volatility, technological traceability, digital custody arrangements, and associated risks, including anti-money laundering concerns.
The key takeaway for the corporate sector is clear: crypto assets can already form part of share capital in Peru, provided their contribution is properly structured from both a corporate and registry perspective.
This is where economic reality and Peruvian business culture intersect once again. If, as the data shows, crypto assets in Peru have expanded not only as investment vehicles but also as practical tools for payments, transfers, savings, and everyday economic organization, it is only natural that corporate law begins to recognize them as part of the toolkit for doing business. Peruvian resilience is not merely about endurance; it is, above all, about creative adaptation—finding pathways where others see obstacles and leveraging available tools to keep moving forward.
For that reason, rather than approaching crypto assets with distance or automatic skepticism, Peruvian entrepreneurs, investors, and companies would do well to seriously explore this possibility. Not as a speculative trend or a passing fad, but as a legal and economic tool that is already grounded in market reality and supported by the registry system. In a country where everyday ingenuity often compensates for a lack of certainty, understanding these new forms of capitalization can unlock real opportunities to build businesses with greater flexibility, speed, and forward-looking vision.