How Costa Ricans Use Crypto Without Regulations

Costa Ricans don’t wait for permission to use crypto. There’s no law saying you can’t buy Bitcoin. No license required to run a wallet service. No government stamp of approval needed to trade Ethereum. In fact, as of 2025, Costa Rica has no specific laws governing cryptocurrency at all. That doesn’t mean it’s lawless-it means people use what’s already there: banking rules, commercial codes, and common sense.

The Central Bank of Costa Rica has been clear: crypto isn’t money. It’s not legal tender. It’s not foreign currency. But it also isn’t illegal. That gray space is where Costa Ricans thrive. They treat crypto like any other asset-something you can buy, sell, hold, or send. And because the government hasn’t stepped in with heavy restrictions, the market has grown organically.

How People Actually Use Crypto Day to Day

In San José, you’ll find cafes that accept Bitcoin for coffee. Freelancers in Heredia invoice clients in USDT to avoid high wire fees. Small businesses in Limón use crypto to pay suppliers abroad without waiting days for bank transfers. You won’t see a sign that says “Crypto Accepted Here” everywhere-but you’ll hear about it from the person who just got paid in Dogecoin for fixing a website.

Most people don’t use crypto because it’s trendy. They use it because it works better than the alternatives. International remittances? Traditional services like Western Union charge up to 10%. With crypto, you can send $500 to a relative in Nicaragua for under $2 in fees-and it arrives in minutes.

Even those who don’t own crypto themselves often interact with it. A mechanic might get paid in Bitcoin from a foreign client, then instantly convert it to colones through a local exchange. A teacher might use a non-custodial wallet to store savings outside the banking system. No one asks for paperwork. No one files a form. It’s just part of the economy now.

Exchanges and Wallets: The Invisible Infrastructure

There are no official crypto licenses in Costa Rica-but there are dozens of exchanges. Platforms like Bitso, Binance, and local services like Crypto Costa Rica operate legally because they don’t break existing rules. They follow anti-money laundering (AML) rules that already apply to banks and money transmitters. That’s it.

Users sign up with a passport and a selfie. The exchange verifies their identity. They deposit colones via bank transfer. Then they buy Bitcoin. No government agency approves this process. No regulatory body oversees it. The exchange just follows the same rules any financial business must follow: know your customer, report suspicious activity, keep records.

Wallets? Even simpler. You download Phantom, MetaMask, or Trust Wallet. You create a key. You store your crypto. No one asks if you’re authorized. No one checks if you’re “allowed.” It’s like owning gold bars-you don’t need a permit to hold them.

Businesses Are Building Without Permits

Costa Rica has become a quiet hub for crypto startups. Why? Because you can register a company in a day. You can open a bank account-if you’re persistent. And you can operate without waiting for a crypto-specific license that doesn’t exist.

One company in Cartago runs a platform that lets users tokenize real estate. Another in Tamarindo sells NFTs of local surf spots. A third offers crypto payroll services to remote workers. None of them have a “crypto license.” But they all comply with general business law. They file taxes. They keep accounting records. They report large transactions to avoid triggering AML flags.

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 future app, no one bats an eye. But if it promises returns or profit-sharing, the Superintendencia General de Entidades Financieras (SUGEF) steps in. That’s the only real boundary: don’t pretend crypto is a stock.

The Coming Change: Bill 22.837

But things are shifting. In July 2025, Costa Rica’s Legislative Assembly passed the first debate of Bill 22.837. This isn’t a ban. It’s a framework. It defines what a Virtual Asset Service Provider (VASP) is: anyone who exchanges crypto for fiat, stores it, or issues tokens. Under the new rules, these businesses must register with SUGEF.

Registration doesn’t mean approval. It means accountability. VASPs will need to verify users, track transactions, flag high-risk activity, and update their risk controls regularly. Think of it like a background check for crypto businesses-not a lock on the door.

The government isn’t trying to stop crypto. It’s trying to bring it into line with global standards. The Financial Action Task Force (FATF) has been pushing countries to regulate VASPs. Costa Rica wants to avoid being flagged as a high-risk jurisdiction. That’s why this bill is coming.

But here’s the catch: until the bill becomes law, nothing changes. And even after it passes, individuals won’t need to register. Only businesses that handle crypto as a service will. That means you can still buy Bitcoin on your phone. You can still send it to your cousin. You can still hold it in a wallet. The rules are still for companies-not citizens.

Why This Works: Culture, Stability, and Infrastructure

Costa Rica isn’t a tax haven. It’s not a haven for criminals. It’s a country with strong institutions, low corruption, and a culture of innovation. People trust each other. They trust technology. And they’ve learned to work around bureaucracy, not against it.

Costa Ricans don’t see crypto as a rebellion. They see it as a tool. A better tool. One that doesn’t require permission.

The country’s tech infrastructure supports this. High-speed internet is widespread. Mobile banking is common. Young people are fluent in digital tools. The political system is stable. No coups. No currency collapses. No hyperinflation. That makes crypto feel safe-not risky.

And then there’s the tax angle. Costa Rica doesn’t tax capital gains on crypto. No one tracks your wallet balance. No one asks how much Bitcoin you sold last year. You report income if you earn it. But holding? Trading? That’s invisible to the tax authority. That’s not a loophole-it’s silence. And silence can be powerful.

The Real Risk: Banking Resistance

The biggest hurdle isn’t the government. It’s the banks.

Most traditional banks in Costa Rica still treat crypto businesses like pariahs. Opening a business bank account for a crypto exchange? Nearly impossible. Many banks refuse to serve them entirely. That forces companies to use offshore banking or work with fintechs that specialize in crypto-friendly accounts.

For individuals, it’s less of an issue. You can still deposit colones into your account, buy crypto, and withdraw. But if you try to move large sums frequently, your account might get flagged. That’s not a law. That’s a bank’s internal policy.

So while the government stays quiet, the banks are the ones policing the edges. It’s messy. But it’s working-for now.

What This Means for the Future

Costa Rica’s crypto scene is a living experiment. No central bank control. No rigid licensing. No forced compliance. Just people using technology to solve real problems.

When the new law passes, VASPs will have to adapt. Some will leave. Others will comply. But regular users? They’ll keep using crypto the same way. Because the law was never about them.

This isn’t chaos. It’s pragmatism. Costa Ricans didn’t wait for permission. They built something useful. And now, the world is watching-not because it’s wild, but because it’s working.