Bitget receives a Bitcoin Service Provider license in El Salvador, boosting crypto services in the region.
El Salvador continues to expand Bitcoin adoption, holding 6,189 BTC worth over $602 million.
Bitget plans global expansion, with licenses in Poland, Lithuania, and a re-entry into the UK market.
Bitget earns its license as a Bitcoin Service Provider from the Central Reserve Bank of El Salvador. The license which was made available on December 16 entitles Bitget to provide Bitcoin services in the Country. This includes fiat currency exchanges, payment services, and secure custody options for its users.
The exchange is now awaiting approval for a digital asset service provider license from the National Commission of Digital Assets. This additional license would allow Bitget to provide services for other digital assets, not just Bitcoin.
El Salvador’s Commitment to Bitcoin
There is still active progression concerning the Bitcoin adoption in El Salvador. It became the first country in the world to accept Bitcoin as its legal tender in 2021. Since then El Salvador has slowly accumulated more Bitcoin to its reserves. Currently the country owns 6,189 BTC which is over $602 million..
Bitget’s new license highlights El Salvador's ongoing role in promoting crypto innovation. The exchange sees El Salvador as an ideal location to expand its services. Min Lin, Bitget's chief business officer, noted that the region is a key hub for crypto development.
Furthermore, Bitget has also expanded its presence in other markets. The exchange holds licenses as a virtual asset service provider in Poland and Lithuania. Additionally, Bitget re-entered the United Kingdom after previously restricting access to comply with local regulations. With over 45 million users globally, Bitget continues to grow its user base. It also established a subsidiary in Vietnam. The exchange recently recorded over $6 billion in 24-hour trading volume.
El Salvador’s Evolving Bitcoin Law
Bitget’s license aligns with El Salvador’s efforts to adjust its Bitcoin laws. The country is reportedly negotiating a $1.3 billion loan with the International Monetary Fund (IMF). To secure the loan, El Salvador plans to amend its Bitcoin law. The new law would make Bitcoin acceptance voluntary for businesses, rather than mandatory.
El Salvador is also fostering international collaboration. The country signed an agreement with Argentina to promote digital asset adoption. Furthermore, in over 25 countries, it is engaging in discussions to create partnerships. This will help with the acceptance of digital currencies and policies. Given that El Salvador is still forming its digital asset policy, the inclusion of Bitget being a plus for the country’s increasing presence in the global crypto sphere.
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