December 16, 2024
Bitjet has been granted a Bitcoin Service Provider (BSP) license in El Salvador, allowing it to offer a variety of services to customers in the country. This is part of Bitjet’s broader strategy to be accepted in several new markets.
The country is also looking for new market opportunities, slightly lowering Bitcoin’s target to get massive loans from the International Monetary Fund. In this way, El Salvador and BitGet are playing off each other’s future growth goals.
Bitget entry to El Salvador
According to the announcement, this license will allow BitGet to offer Bitcoin-to-fiat exchange, payment facilitation, and secure custody solutions in El Salvador. The company is also seeking additional licenses to offer similar services with different crypto assets.
“Latin America holds tremendous promise as a hub for crypto innovation, and El Salvador stands out as an innovator with its bold adoption of Bitcoin as legal tender,” said Min Lin, Chief Business Officer at Bitjet. “Obtaining a BSP license is a regulatory milestone for Bitjet. We are here to drive the region’s growth by providing secure, accessible, and innovative Bitcoin services.”
At the same time, BitGet aims to expand into several new markets across South and North America. Given El Salvador’s crypto-friendly regulations, the country is an ideal gateway to the wider Latin American market.
The exchange is also considering re-entering the US markets and a regional MiCA compliance hub in Europe. These expansion plans follow the exceptional performance of the BitGet token in the crypto market throughout this year. The BGB token hit an all-time high earlier this month, taking its total rise to over 500% this year.
However, it is also seeking to reconcile. In October, the International Monetary Fund took a softer tone, lowering its targets for Bitcoin. Recently, El Salvador reportedly agreed to this proposal to secure a massive loan. As part of the terms of the loan, the country agreed to drop the requirement for private companies to accept Bitcoin.
Thanks to BitGate, the remaining cryptocurrency businesses in El Salvador will be able to access new resources. In other words, the deal is beneficial to both parties’ long-term goals.