Bitget Acquires Bitcoin Service Provider In El Salvador
Bitget, a cryptocurrency exchange, can now provide Bitcoin-related services in El Salvador.
Bitget obtained a Central Reserve Bank of El Salvador Bitcoin Service Provider (BSP) license as stated in a Dec. 16 announcement. , Bitget will be able to provide several Bitcoin-related services to its users in Latin country, such as secure custody options, payment services, and fiat currency exchanges.
The exchange is awaiting additional regulatory clearance from El Salvador’s National Commission of Digital Assets to obtain a permit as a digital asset service provider.
Bitget can also provide trading services for digital assets other than Bitcoin. El Salvador stands out as a trailblazer with its audacious acceptance of Bitcoin as legal tender, and Latin America has great potential as a center for cryptocurrency innovation. [. Min Lin, chief business officer at Bitget, stated, “We see El Salvador as a gateway to unlocking crypto’s potential as the world’s interest in it accelerates.”.
Additionally, Bitget has Lithuanian and Polish licenses to offer virtual asset services. The exchange returned to the UK in November after limiting access earlier this year to adhere to local regulations. Having just opened a subsidiary in Vietnam, the Seychelles-based company boasts over 45 million users globally.
El Salvador has been in talks with the International Monetary Fund (IMF) for a $1.33 billion loan, which would necessitate changing local laws to make Bitcoin adoption by companies optional rather than required.
The nation increased its cryptocurrency holdings after becoming the first country to accept Bitcoin as legal tender in September 2021. Its portfolio is valued at over $600 million, with 6,189 Bitcoin.
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