El Salvador Grants Bitget License to Offer Bitcoin Services
Dec 27th 2024El Salvador has allowed Bitget to offer Bitcoin services in the country. The exchange is currently seeking additional approval to support more tokens.
Bitget, a cryptocurrency exchange, is officially permitted to sell Bitcoin-related services in El Salvador.
According to a December 16 release, Bitget has received a Bitcoin Service Provider (BSP) license from El Salvador's Central Reserve Bank. Bitget will be authorized to provide Bitcoin-related services, such as fiat currency exchanges, payment services, and safe custody solutions, to users in the country.
The exchange is awaiting additional regulatory approval for a digital asset service provider license from El Salvador's National Commission on Digital Assets. With this license, Bitget can provide similar trading services for digital assets other than Bitcoin.
"Latin America has enormous potential as a hub for crypto innovation, and El Salvador stands out as a pioneer with its brave adoption of Bitcoin as legal cash. [...] "As the world's interest in cryptocurrency grows, we see El Salvador as a gateway to realizing its potential," said Min Lin, chief business officer at Bitget.
Bitget is also licensed to provide virtual asset services in Poland and Lithuania. The exchange resumed operations in the United Kingdom in November after restricted access earlier this year to comply with local legislation.
Based in Seychelles, the company claims to have over 45 million subscribers globally and has just created a subsidiary in Vietnam. According to CoinMarketCap, Bitget's trading volume exceeded $6 billion in the last 24 hours.
El Salvador in Talks with IMF for Potential Deal
Bitget's license in El Salvador corresponds with the country relaxing its Bitcoin laws. El Salvador is negotiating a $1.3 billion loan with the International Monetary Fund (IMF), which will necessitate altering local regulations to make Bitcoin acceptance by businesses voluntary rather than required.
In September 2021, the country became the first to accept Bitcoin as legal cash, and it has since gradually added the cryptocurrency to its reserves. With 6,189 Bitcoin, its portfolio is now valued at over $602 million.
El Salvador's digital asset strategy also seeks to strengthen its international contacts. The country has signed a collaboration and training agreement with Argentina about digital assets. It also talks with more than 25 additional countries about similar alliances to boost global cryptocurrency adoption and regulatory frameworks.