El Salvador grants Bitget license for Bitcoin services
El Salvador grants Bitget license for Bitcoin services
El Salvador has authorized crypto exchange Bitget to provide Bitcoin-related services, further cementing its position as a global leader in cryptocurrency adoption.
Bitget secured the Bitcoin Service Provider (BSP) license from the Central Reserve Bank of El Salvador, enabling the platform to offer services such as fiat exchanges, payment solutions, and secure Bitcoin custody for users in the country.
Bitget is also seeking additional regulatory approval from El Salvador’s National Commission of Digital Assets to expand its offerings to include trading and custody solutions for other digital assets. Min Lin, Bitget’s chief business officer, highlighted the importance of El Salvador as a gateway for unlocking crypto’s potential in Latin America, calling it a hub for innovation due to its bold embrace of Bitcoin as legal tender.
The exchange, headquartered in Seychelles, operates in over 45 countries and boasts 45 million global users. Bitget’s daily trading volume exceeds $6 billion, according to CoinMarketCap. Alongside its new license in El Salvador, Bitget holds virtual asset service provider licenses in Poland and Lithuania and recently resumed operations in the United Kingdom.
El Salvador’s broader crypto strategy
Bitget’s licensing coincides with El Salvador’s ongoing negotiations with the International Monetary Fund (IMF) for a $1.3 billion loan. To meet IMF conditions, the country is considering amendments to its Bitcoin law, potentially making Bitcoin acceptance by businesses voluntary rather than mandatory.
El Salvador, which adopted Bitcoin as legal tender in September 2021, holds 6,189 BTC worth over $602 million in its reserves. The country is actively seeking to expand its influence in the global crypto space, recently signing agreements with Argentina and engaging in discussions with over 25 countries to promote international digital asset adoption and regulatory frameworks.
Bitget’s expansion into El Salvador marks another step in the country’s journey as a pioneer in cryptocurrency adoption. As El Salvador balances local regulation with international partnerships, its efforts could shape the global approach to digital assets, inspiring other nations to follow suit.
Read also: RLUSD to debut on XRP Ledger, Ethereum, and major exchanges
