How Costa Ricans Use Crypto Without Regulations - 2025 Guide

In Costa Rica you’ll find a thriving crypto scene that runs almost entirely on existing financial rules rather than any dedicated crypto law. That means everyday users, entrepreneurs, and even foreign startups can buy, sell, and build on digital assets without waiting for a formal licence. Below you’ll see exactly how locals get around the regulatory gray‑area, what the government is planning to change, and which practical steps you should follow to stay safe and compliant.

Key Takeaways

• Crypto is not legal tender in Costa Rica, but it isn’t banned either.
• Businesses operate under general financial‑service rules and AML/CFT obligations.
• The July 2025 bill will force Virtual Asset Service Providers (VASPs) to register with SUGEF.
• Taxes are low, infrastructure is solid, and the country remains politically stable.
• During the transition, strong KYC and record‑keeping practices will give you a competitive edge.

What the Current Legal Landscape Looks Like

Cryptocurrency in Costa Rica is a digital‑asset ecosystem that operates without a specific legislative framework. The Central Bank of Costa Rica (CBCR) has repeatedly clarified that crypto tokens are not "legal tender" or "foreign currency," so they sit outside the country’s monetary system. Because there is no dedicated crypto law, every activity - from exchanging Bitcoin for colón to launching an NFT collection - falls back on the general financial‑services legislation and the country’s anti‑money‑laundering (AML) and counter‑financing of terrorism (CFT) rules.

In practice this means that crypto exchanges, wallet providers, and token issuers can function as long as they comply with:

• Standard AML/KYC procedures
• Record‑keeping requirements for transactions above the reporting threshold
• General commercial law (company registration, tax filings, etc.)

There is no need for a crypto‑specific licence today, but any entity that looks like a Virtual Asset Service Provider (VASP) will soon have to register with the Superintendencia General de Entidades Financieras (SUGEF) once the bill is enacted.

How Costa Ricans Actually Use Crypto

Even without a formal regulator, the crypto community has found several practical ways to adopt digital assets:

1. Peer‑to‑peer swaps: Apps like LocalBitcoins or community Telegram groups let users trade Bitcoin and Ether directly for colón or US dollars. Because the trades happen between individuals, the only compliance point is the exchange platform’s AML policy.
2. Local exchanges: Platforms registered as financial service providers offer crypto‑to‑crypto and crypto‑to‑fiat services. They must keep customer identification files and report suspicious activity to the Financial Intelligence Unit.
3. Custodial wallets: Companies such as Bitso or local fintechs hold users’ private keys in hot or cold storage. They treat the service as a custodial banking product, thus applying the same AML checks you’d expect from a traditional bank.
4. Non‑custodial solutions: Tech‑savvy users download hardware wallets (Ledger, Trezor) or use mobile apps like MetaMask to keep full control of their keys. The law does not regulate these tools, but users still need to report large disposals for tax purposes.
5. ICOs and token sales: Entrepreneurs launch utility tokens for gaming or DeFi projects. As long as the token isn’t classified as a security, no SUGEF registration is required; otherwise a securities filing becomes mandatory.
6. NFT marketplaces: Artists mint digital art on platforms like OpenSea and sell directly to international collectors. The transaction is treated like any other online sale, subject only to AML and tax reporting.

Starting a Crypto Business in Costa Rica

While you don’t need a crypto‑specific licence today, you still have to follow the regular company‑formation steps. Below is the typical roadmap:

1. Choose a legal structure: Most crypto firms incorporate as a Sociedad Anónima (S.A.) or a limited liability company (LLC). This gives you a clear legal persona and limits personal liability.
2. Prepare incorporation documents: Draft the Articles of Incorporation, appoint a legal representative, and secure a physical address (a virtual office can work if it meets local regulations).
3. Register with the National Registry: Submit the paperwork to the Registro Nacional and obtain a corporate identification number (NIT).
4. Open a corporate bank account: Traditional banks are cautious but not prohibitive. Provide a detailed business plan, AML policies, and proof of the crypto nature of your activities. Some fintech‑focused banks are more receptive.
5. Implement AML/CFT controls: Draft a risk‑based AML program, appoint a compliance officer, and set up KYC onboarding flows. Keep transaction logs for at least five years.
6. Consider registration with SUGEF (future‑proofing): Even if the VASP bill is still pending, preparing the documentation now will speed up the eventual registration.

Many startups outsource compliance to local law firms that specialize in fintech. This can save time and avoid costly missteps.

Why Costa Rica Is Attractive for Crypto Projects

Beyond the regulatory leeway, the country offers concrete benefits that draw both domestic and foreign entrepreneurs:

• Low tax burden: Corporate tax rates hover around 15 % for foreign‑derived income, and there are generous tax incentives for tech‑focused investments.
• Political stability: Costa Rica consistently ranks among the most stable Central American nations, providing a predictable environment for long‑term projects.
• Modern infrastructure: Nationwide fiber optic coverage, reliable electricity, and a growing pool of software engineers make it a tech‑friendly hub.
• Strategic location: Proximity to both North and South America eases cross‑border payments and talent recruitment.

These factors combine to create a sweet spot for blockchain startups, crypto exchanges, and token‑based platforms looking for a cost‑effective base of operations.

Upcoming Regulation - What the 2025 VASP Bill Means

The July 2025 bill (Bill No. 22.837) adds Article 15 quáter to Law No. 7786, officially defining “Virtual Asset” and “Virtual Asset Service Provider.” Here’s a quick snapshot of the key requirements once the law takes effect:

Registration does not give the government a “license to operate” - it merely confirms that the VASP meets AML standards. The law also calls for stronger oversight of politically exposed persons (PEPs) and high‑risk jurisdictions, aligning Costa Rica with FATF recommendations.

Practical Tips for Operating Today and Tomorrow

Even if you’re comfortable with the current lax regime, preparing for the upcoming changes will protect you from surprise compliance costs:

• Adopt a robust KYC workflow now: Use a proven identity‑verification provider (Jumio, Onfido) and store all client data securely. When the VASP registry launches, you’ll already have the required files.
• Document every transaction: Keep a CSV or database of all inbound/outbound crypto movements, timestamps, and wallet addresses. This makes the future reporting process painless.
• Separate custodial and non‑custodial services: If you offer both, maintain distinct legal entities or clear internal controls to avoid regulatory cross‑contamination.
• Stay updated on SUGEF guidelines: The regulator will release detailed implementation rules within six months of the bill’s final approval. Subscribe to their newsletter or follow a local fintech law firm’s blog.
• Consider establishing a compliance advisory board: Including a local lawyer, a AML specialist, and a technology officer can help you navigate both current and future obligations.

By treating compliance as a competitive advantage rather than a hurdle, you’ll build trust with users, banks, and potential investors.

Frequently Asked Questions