Bitfinex Derivatives secures DASP license in El Salvador
Bitfinex gains a DASP license, expanding in El Salvador
Bitfinex Derivatives has reached a significant milestone by obtaining a Digital Asset Service Provider (DASP) license in El Salvador, further strengthening its presence in the global cryptocurrency market.
This strategic move highlights El Salvador's growing role as a prominent financial hub for digital assets in Latin America.
With the new license, Bitfinex Derivatives is relocating its operations to El Salvador, reinforcing its commitment to offering innovative trading solutions, particularly in underserved regions. The platform will operate under the name Bitfinex Derivatives El Salvador S.A. de C.V., providing derivatives services in compliance with the country's regulatory framework.
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Terms update and new products
In an official statement, Bitfinex announced that users must agree to the updated terms of service to continue accessing derivative products. This update includes enhanced offerings such as perpetual contracts for Toncoin (TONF0:USTF0), Polygon (POLF0:USTF0), Pepecoin (PEPEF0:USTF0), Chiliz (CHZF0:USTF0), and Sui (SUIF0:USTF0).
El Salvador's leadership in cryptocurrency
El Salvador, the first country to adopt Bitcoin (BTC) as legal tender in 2021, continues to lead in cryptocurrency adoption. President Nayib Bukele has bolstered the sector by acquiring over 6,000 BTC by the end of 2024 as part of efforts to strengthen the nation's digital economy. The government's pro-crypto stance has also led to ambitious initiatives such as the development of Bitcoin City and Bitcoin-backed bonds.
Bitfinex's role and strategic partnerships
With the new license, Bitfinex has become the first cryptocurrency exchange to receive dual recognition from Salvadoran regulators, emphasizing its key role in the country's financial development. In 2024, Bitfinex expanded its operations through a partnership with Thalex, adding new options and perpetual futures trading products to its portfolio.
In June 2024, Bitfinex also partnered with Hidden Road, a prime broker backed by Citadel Securities. The partnership aims to provide institutional clients with transparent access to digital assets through a wide range of services, including derivatives trading, peer-to-peer financing, and over-the-counter (OTC) trading.
El Salvador's bold cryptocurrency initiatives have garnered global attention. The government's approach focuses on enhancing financial accessibility, driving economic growth, and reducing dependence on traditional banking systems.
