How Costa Ricans Use Crypto Without Regulations

Costa Ricans don’t wait for permission to use crypto. There’s no official law saying it’s legal. No law saying it’s illegal. Just a quiet space where people and businesses figured out how to make it work - without waiting for government approval.

In 2025, the Central Bank of Costa Rica still says cryptocurrencies aren’t money. Not legal tender. Not foreign currency. Just digital files you can send, trade, or store. But that hasn’t stopped anyone. From San José to Tamarindo, people are buying Bitcoin to send money home, trading Ethereum to pay for services, and using NFTs to sell digital art. They’re not breaking rules. They’re working around them.

How Crypto Works When There’s No Rulebook

Most Costa Ricans use crypto through existing financial tools. You don’t need a special license to buy Bitcoin on a peer-to-peer app. You don’t need to file paperwork to hold it in a non-custodial wallet. If you use a local exchange like Bitso or Binance P2P, you’re not violating anything - as long as you follow basic rules that already exist for banks.

The key is anti-money laundering rules. Any business handling money - even digital money - must check who you are. That’s why most crypto platforms in Costa Rica ask for your ID. Not because crypto is regulated, but because the country’s financial laws say anyone offering financial services must do KYC. So crypto companies follow those rules. They’re not waiting for crypto-specific laws. They’re using the ones they already have.

People send remittances this way. A worker in the U.S. sends $500 in Bitcoin to their family in Heredia. The family cashes out via a local P2P trader at a coffee shop. No bank transfer. No fees from Western Union. Just a QR code scan and a few minutes. That’s the real economy of crypto here - not speculation, but survival.

Businesses Are Building Without Permits

Costa Rica has over 120 crypto-related businesses operating without a single crypto license. These include wallet providers, NFT marketplaces, and blockchain-based gaming studios. None of them have a "crypto permit." But they all have a business registration, a local bank account (sometimes), and AML policies.

One company in Cartago runs a platform that lets artists mint NFTs of traditional crafts. They don’t need approval from the government. They just need to register their business, pay taxes, and make sure buyers aren’t laundering money. The same goes for a startup in Limón that tokenizes smallholder coffee farms. Investors buy digital shares. Payments come in USDT. No bank will touch it? They use a crypto-friendly payment processor. Simple.

Initial Coin Offerings (ICOs) are legal too - as long as the tokens aren’t securities. If a project sells a utility token for access to a service, it’s fine. If it promises profits? Then it crosses into securities law, and the Superintendencia General de Entidades Financieras (SUGEF) steps in. But most local projects stick to utility. They keep it simple. No hype. No promises. Just access.

The Big Change Coming in 2025

In July 2025, the Costa Rican legislature passed the first debate of Bill 22.837. This isn’t just a draft. It’s a real plan to regulate Virtual Asset Service Providers (VASPs). For the first time, anyone offering crypto exchange, custody, or transfer services must register with SUGEF.

Registration doesn’t mean approval. It means accountability. You have to identify every customer. Keep records of every transaction. Flag suspicious activity. Update your risk checks every year. The goal isn’t to stop crypto. It’s to make sure it doesn’t become a tool for crime.

Big exchanges like Binance and Kraken already have teams in Costa Rica preparing. They’ve been waiting for this. The small local players? They’re nervous. Some won’t be able to afford the compliance costs. Others might shut down. But the market won’t disappear. It’ll just get cleaner.

Why Costa Rica Is Different

Most countries either ban crypto or drown it in red tape. Costa Rica does neither. It lets people use it - and lets businesses build around it - while quietly preparing for regulation.

There’s no ban on crypto ATMs. No cap on how much you can buy. No tax on holding. No capital gains tax on selling. The government doesn’t track your wallet. And if you’re a foreigner with a business idea? You can set up a company here for under $1,000, get a local bank account (if you’re lucky), and start operating.

It’s not chaos. It’s pragmatism. The government knows crypto isn’t going away. So instead of fighting it, they’re letting the market grow - and then stepping in with rules that match global standards. It’s a middle path: freedom now, accountability soon.

What People Actually Do With Crypto

Here’s what you’ll see if you walk into a local cafe in San José:

• A teacher pays her monthly internet bill in USDT because the provider accepts crypto and saves her 15% in fees.
• A freelance designer gets paid in Bitcoin from a client in Germany - no wire transfer delays.
• A family buys groceries with a crypto debit card linked to their wallet, converting USDC to colones in real time.
• A farmer sells part of his harvest through a blockchain-based platform, receiving payment in stablecoins instead of waiting weeks for bank clearance.

None of these are experiments. They’re everyday choices. People use crypto because it’s faster, cheaper, and more reliable than the traditional system - especially when banks are slow, expensive, or outright refuse to work with crypto businesses.

The Real Risk: Banking Access

The biggest problem isn’t regulation. It’s banking.

Most traditional banks in Costa Rica still treat crypto companies like risky outsiders. Opening a business bank account for a crypto exchange? Nearly impossible. Even if you’re fully compliant. Many companies use offshore accounts or partner with fintechs that work with crypto-friendly banks in Panama or the U.S.

This creates a hidden bottleneck. A company can be perfectly legal under AML rules. But if it can’t pay its staff or suppliers through a local bank, it can’t survive. That’s why some crypto startups are moving to Panama or Uruguay - places with clearer banking access.

But Costa Rica still wins on cost, safety, and infrastructure. The internet is fast. Power is stable. The people are tech-savvy. And the government isn’t trying to crush innovation. It’s watching. Waiting. Preparing.

What Happens Next?

The new VASP law will likely pass in 2026. When it does, crypto businesses will have six months to register. Those who don’t? They’ll be shut down. But here’s the twist: most of the big players are already ready. They’ve been building their compliance systems for years.

For regular users? Nothing changes. You can still buy Bitcoin. You can still send it. You can still use it to pay for things. The law doesn’t touch individuals. Only businesses.

Costa Rica isn’t a crypto paradise. It’s a crypto laboratory. No grand promises. No flashy headlines. Just people figuring out how to make digital money work - without waiting for permission.

That’s the real lesson. You don’t need laws to innovate. You just need a little freedom, a good internet connection, and the willingness to solve problems on your own.